Tony Randolph

Here is some more free and probably unwanted advice: I worked in the Dermon Building back in the 1990's when I was employed by the state. The developers started the renovation on the bottom floors and worked up to the top floors. On the first floor of the Dermon Building was George's Coffee shop, a tailor, and a private investigation agency, plus a couple of other businesses. I do remember the first floor was fully occupied. Maybe this would work for the Sterick. Perhaps the pizza parlor could be opened fairly quickly. Also, maybe the pharmacy could be opened as a CVS or other national chain, or perhaps an independent business. If a pharmacy is not doable, a small, high quality health food store would be cool. I can say from my own experience as being a long-time downtown worker, life got worse after EasyWay shut down. Correct me if I am mistaken, but I think the pharmacy used to have a soda jerk. And this may be an extreme stretch, but maybe the former bank, wait for it.......could be opened as a bank. I think having foot traffic could be beneficial for future apartment or condo dwellers by building excitement. Finally, if I was Stuart Harris, and I truly envy him by the way, I would fly a 48-star flag on the flag staff while rehabbing the property to honor classic Sterick history, and then replace it with the 50-star flag during the grand opening. If that is a dumb idea, I would definitely start flying the American flag to let everyone know the building is coming back to life.

Best news I heard today. I hope the building is painted white again, and the roof becomes green as it was originally. I hope some of the shag carpet will be left intact, since Memphis could use two jungle rooms. I have seen pictures of one of the offices that was equipped with a fireplace. Please Mr. Harris, leave the fireplace if possible. Finally, bring out the marble and remove the sheetrock.

I learned something today; I thought the only two parties to the Sterick were AXA and the Grosvenor family. It would be interesting to know if the ownership percentage of each family. Also, the appraisal of $313,800 seems low. Heck, that is a 3- or 4-bedroom condo in Germantown. I hope the Sterick doesn't fall into an endless power struggle between the families and everything is resolved before 2025. Buy my recollection, this building has been sans of leases, or almost empty for about 45 to 50 years. All principals need to be ready to roll by no later than 2025 IMHO.

I have never lived in Harbor Town but visit fairly often to walk around and look at the houses. My wife and I used to like eating at Miss Cordelia's but last time we were there we learned that it was closed. Hope it is some sort of Covid closure and will be opening again, they had an outstanding Ruben. My feeling is that the residents of HT like being somewhat isolated. We have thought about moving to HT for the idea of being isolated, and even the newer Crosstown Concourse for the same reason. Now, getting back to the trolley idea, I do not see how the cost/benefit of a trolley is HT could be remotely viable. Maybe rebuilding tracks over the former L&N railbed to Crosstown Concourse might work. Now, back to the Sterick. My employer once rented a few floors in the Derman Building. The landlord literally rehabbed the building from the bottom up. The first floor was a restaurant that served breakfast and lunch called George's Coffee shop, and there was a tailor shop and I believe an investigation business that made up the ground floor. Higher floors were offices. I would like to see the ground floor of the Sterick have a restaurant, a bank and a pharmacy (again). The upper floors could be developed as needs arose. I am not a landowner of anything except my house, but if I was a member of the Grosvenor family, you better believe I would take Billy Orgel out to lunch or dinner and ask his opinion about options.

I have been away for a couple of weeks so I will be adding my questionable opinions to a few of the topics that have been mentioned: # A trolley line across the lagoon would be very expensive. A highly expensive to build and maintain drawbridge would be required. A trolley line from the northern end of Mud Island that runs the length of the peninsula might be feasible. #VMC needs to be left alone. I am impressed how an empty building was restored, and then had dorms added to the north of the property. Basically, if it ain't broke, don't fix it. #We already have a rail line running from Memphis to Blue Oval. I have heard others opine that high-speed rail is an expensive fantasy, but double and triple tracking our existing mainline rail plant would make passenger rail much more feasible and freight rail much more efficient. This is a topic that could be several doctoral dissertations, but basically double and triple tracking rail opens up tax expenses for the RR companies. Most of us agree that rail must play a bigger role in our transportation infrastructure for obvious reasons. #Please, no soccer stadium, I was born in Memphis in 1960, and I have yet to see soccer become a long-term success. I am not saying to give up on soccer, but we have the Liberty Bowl and Redbirds stadium that are both underutilized and would serve as good enough soccer fields. #Finally, getting back to my favorite topic on this page, someone high up in city government, must start pigeonholing both AXA and the Grosvenor family and getting direct answers about what will happen to the Sterick in 2025. Every one of us is a stakeholder in the Sterick.

I applaud the principals that put together the VMC. Basically, they took a building that was not being used and created a music college. Also, the student residences are tasteful. Maybe that is why the Hickman and Pressbox buildings appear to be successful. VMC should be left alone regardless on how the Sterick Building drama unfolds. Sterick LLC is located somewhere in the 44 N. Second building. I have tried to find someone from the Grosvenor family to answer some questions about what they are planning for the Sterick, but have not been successful to date. I am hoping that one of our major media outlets will start covering the Sterick. I would like to hear from Billy Orgel, who is currently working on the Tennessee Brewery and get his insight since he is also one of the principals on the 100 N. Main rehab. Like the rest of you all, I am waiting for something to be done yesterday, or more accurately, 40 years ago. I see the only real option for the building as a rehab. Let us hope for a large settlement from AXA, tax credits and private investment. Even if the building could be imploded, it would be cost prohibitive, and who would pay for an implosion? Hang on, I thought Red Birds field is also the soccer stadium. I am not up on stadiums or the sports business, but a soccer stadium IMO would be another tax drag on this city.

That would be great. The old bank building that Visible Music School is in I believe is protected. I don't think it can be torn down, and I hope it isn't. I believe it is architecturally significant. As a former downtown worker, I have noticed there is a shortage of pharmacies downtown, with Walgreens being the only one that is close by. Therefore, I would like to see the Sterick pharmacy revived. Parking should not be a significant issue, there are several spots available in the revived hotel next door and there is another garage at 44 N. Second. As far as residences, I would like to see multi-floor suites ala New York City on the upper floors, and smaller suites on the east-west facing lower floors. I am not an expert, but I believe HVAC would be easier to pull off on fewer, but bigger residences. Also, got to mention, I hope the powers that be repaint the building white, with the green top, and remove the drywall to reveal the old marble. I hope someone thinks to consult some of the principals that put together Crosstown Concourse to give input on the rehab of the Sterick Building. I think the Sterick will have one large advantage over the Crosstown Concourse in that AXA will have some financial responsibility since they have failed to keep the Sterick in decent condition. I think one major advantage the Sterick building has over other projects is that the current management company has not maintained the building as stipulated in the original contract. Therefore, I think AXA will have to write a very large check in 2025. I would love to hear some input from a real estate attorney on this matter.

I know AXA has no option to not return the building back to the Grosvenor family in 2025. The question is how much liability AXA will have to the Grosvenor family. The original contract stated what maintenance was to be done, and that the building must be properly maintained. It has not been. Granted, AXA did not sign the contract, but by repossessing the building from the last management company, I believe AXA will be liable for some of the repairs and rehabilitation of the building. I have frequently walked by the building, and I noticed there is always one lightbulb working, and I remember the building has at least one elevator that is operational. (The Memphis Fire Department was told this after they ran up over 20 stories to rescue a window washer a few years ago). Basically, AXA is doing the bare minimum, and I think this will come back to bite them. Based on what I know, if I was AXA, I would be in negotiation with the Grosvenor family and be trying to return the building to them ASAP. Costs for rehab, etc., will likely go up over the next two years.

No way AXA wants to hand the money over to the Grosvenor family. I wouldn't either. But it is my understanding that just because the building was repossessed doesn't mean that AXA is not liable for the original agreement. I get the idea that the previous tenants leasing the Sterick were passing the buck regarding the agreement to maintain the building. AXA is not going to have a place in sit in 2025 when the music stops. Obviously, the previous management before AXA could not afford to maintain the building, although they probably wanted to, since downtown started declining since the 1950's, which rapidly accelerated in the 1960's. I don't know much about AXA in general, but I do know about corporate mentality. No executive would commit career suicide by upholding the agreement to maintain the building which would probably be in the millions per year and said executive would plan on being retired by 2025 with a fat corporate pension. I don't know the Grosvenor family but would bet my bottom dollar that they would not be happy just to get the keys back from AXA and let bygones be bygones. I am hoping that after 2025, that there will not be endless litigation regarding a lease settlement. It appears that AXA screwed up bankrolling the last management company of the Sterick, and I think when the dust, and asbestos, settles, AXA will be writing a large check. I hope negotiations are going on now so who ever or whatever takes over the Sterick, they can hit the ground running. Geez, we have way too many large empty buildings in Memphis.

This is my favorite building in downtown Memphis, and I have been following developments ever since the late 1980's. AXA took over the building on a mortgage default, and the original contract stipulated that the building and property must be maintained. Obviously, this building has not been maintained. I have been wondering if AXA will have to write the Grosvenor family a large check for decades of virtually no maintenance. I can't prove it, but I have long suspected AXA has never had an interest in reverting the building to the family for this reason. It doesn't take a real estate expert to realize the office space market is virtually dead in Memphis, especially in downtown. Obviously, a successful development must focus on high end condos. I think if the building is converted to condos, that it may be a good idea to have multi-story penthouses similar to those in New York City. If I had input, I would repaint the building to the original colors, and remove the drywall covering the marble walls on the lower floors. I would also seek a pharmacy to lease the old pharmacy, with the stipulation that a soda jerk be included. I would also like to see a bank take over the old First Tennessee Bank space. Over the past 20 years or so, I have been granted occasional access while crews were doing basic maintenance. This building is truly a time capsule. Finally, if the first floor can be reopened, or at least restored to the look like it has been reopened I think this would go a long way to ending the blight in Memphis. It is embarrassing to have two largest buildings in Memphis boarded up.