Sterick Building Redevelopment

[Tony Randolph]

It is frustrating that this city sits at the edge of greatness but cannot solve the crime problem and the lack of vision.  Memphis has one of the best locations in the country as far as having the most northernly airport that rarely closes due to weather, major rail junctions and highways, and the Mississippi river.   Memphis is well centered in the continental U.S.  when the population layout is plotted.    There is a reason why FedEx is headquartered here, in addition to the almost endless warehouses and distribution centers.  

I am hoping that the recent crackdown of juvenile crime is finally being addressed with new detention centers being built.   The model of placing delinquents in foster homes and other unsecured placements has been a failure and has boosted the crime rate.  I know I sound like I am getting off the subject, but crime, and worse, the perception of crime has a strong bearing on real estate.   We need to repopulate our cities with professionals and other middle-class workers.    Having these people live in the exurbs has also been a contributor to our 20 year and counting Eastern Oil Wars.   Basically, it is easier on the environment to walk to work instead of sitting in traffic.

[JTM1]

The Sterick development is continuing to move forward. 

https://www.bizjournals.com/memphis/news/2023/12/11/edge-sterick-building-arrangement-parking-garage.html

EDGE plans to purchase an adjacent parking garage to help Sterick meet its parking requirements. The quasi-governmental organization would do this by acquiring and refurbishing the garage and service areas at 22 N. B.B. King Blvd. for $4.2 million, and then lease it to Constellation Properties LLC, the Sterick development group headed by Stuart Harris. 

"Securing the Sterick Building's original garage is of strategic importance to our long-term vision for the project and the surrounding neighborhood that we are working to redevelop," Harris told MBJ. "We appreciate the EDGE board's consideration of an arrangement that will allow us to continue making progress and will prevent these properties from being acquired by non-local entities who may not share our vision for a thriving, active, and prosperous district."

 

[MDC26]

3 hours ago, JTM1 said:

The Sterick development is continuing to move forward. 

https://www.bizjournals.com/memphis/news/2023/12/11/edge-sterick-building-arrangement-parking-garage.html

EDGE plans to purchase an adjacent parking garage to help Sterick meet its parking requirements. The quasi-governmental organization would do this by acquiring and refurbishing the garage and service areas at 22 N. B.B. King Blvd. for $4.2 million, and then lease it to Constellation Properties LLC, the Sterick development group headed by Stuart Harris. 

"Securing the Sterick Building's original garage is of strategic importance to our long-term vision for the project and the surrounding neighborhood that we are working to redevelop," Harris told MBJ. "We appreciate the EDGE board's consideration of an arrangement that will allow us to continue making progress and will prevent these properties from being acquired by non-local entities who may not share our vision for a thriving, active, and prosperous district."

 

Funny how they can purchase a parking garage that's sandwiched in-between ground floor lobby/restaurant and 3 levels of hotel.  I guess hotel Indigo will continue to use the parking as well?

[JTM1]

On 12/12/2023 at 2:46 PM, MDC26 said:

Funny how they can purchase a parking garage that's sandwiched in-between ground floor lobby/restaurant and 3 levels of hotel.  I guess hotel Indigo will continue to use the parking as well?

It is odd, but good that this is happening.

I expect we will be seeing a lot of developments moving forward after the news coming out of the FED today. I can't say for sure, but we might be hearing something this week from one of our local developers. 

This is from the Commercial Appeal today. 

Edited December 13, 2023 by JTM1