Sterick Building Redevelopment

[The Guardian of Memphis]

On 2/2/2023 at 10:56 AM, MDC26 said:

How long ago was this rehabbing of the Dermon Building?  Wonder why it closed down since then.  

2018 per the Daily Memphian. 

[JTM1]

23 hours ago, Memphisborn said:

No I didn’t see it I’m out of free articles can u copy and paste it for review.

I've got you. 

20 hours ago, MDC26 said:

I’m not a subscriber. For some reason, my old office computer allowed me to read all DM articles. The IT people changed out my computer, and now I can’t read the subscriber articles anymore. 

Here you go.

[JTM1]

On 2/2/2023 at 10:56 AM, MDC26 said:

How long ago was this rehabbing of the Dermon Building?  Wonder why it closed down since then.  

The owner first was going to convert it into a hotel, but the pandemic happened, and now it's set to become condos and apartments. 

[MDC26]

19 minutes ago, JTM1 said:

I've got you. 

Here you go.

Thanks!

[Tony Randolph]

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. 

 

[JTM1]

The Sterick building has been sold. "In addition to the acquisition of the Sterick, Constellation Properties has also bought parcels between The Commonwealth and the Sterick at 220 Madison Ave. and 224 Madison Ave. for future development."

https://dailymemphian.com/section/neighborhoods/article/35195/mem.phis-developer-stuart-harris-buys-sterick-building

[JTM1]

The Sterick building has been sold to a local developer and it is no longer on the market. 

https://dailymemphian.com/section/neighborhoods/article/35195/memphis-developer-stuart-harris-buys-sterick-building

 

[Memphisborn]

4 hours ago, JTM1 said:

The Sterick building has been sold. "In addition to the acquisition of the Sterick, Constellation Properties has also bought parcels between The Commonwealth and the Sterick at 220 Madison Ave. and 224 Madison Ave. for future development."

https://dailymemphian.com/section/neighborhoods/article/35195/mem.phis-developer-stuart-harris-buys-sterick-building

Read the article in MBJ, glad to see this finally happening. This is a rising tide to lift all boats development.

[The Guardian of Memphis]

Great news. Can't wait til the finished product. I guess some of the previous negative comments about this ever getting done were wrong.

[The Guardian of Memphis]

1 hour ago, Memphisborn said:

Read the article in MBJ, glad to see this finally happening. This is a rising tide to lift all boats development.

MBJ has a lot more in-depth articles about the when why and how of this getting done. Truly a joy to read. I'm very happy for my city. The owner plans to restore the exterior back to its original design. What a great day for Memphis. I wonder how the clause in the lease/agreement that the building should be returned in good condition has on how much the owner will spend to refurbish this building?

Now the only thing left to solve is Mud Island...Marathon, not a sprint. 

[Memphisborn]

16 minutes ago, The Guardian of Memphis said:

MBJ has a lot more in-depth articles about the when why and how of this getting done. Truly a joy to read. I'm very happy for my city. The owner plans to restore the exterior back to its original design. What a great day for Memphis. I wonder how the clause in the lease/agreement that the building should be returned in good condition has on how much the owner will spend to refurbish this building?

Now the only thing left to solve is Mud Island...Marathon, not a sprint. 

I hope to see a mixed- use  office/ hotel/ condo/apts development for Sterick. MBJ stated there was national involvement in the renovation plans so let’s see what that could become. Amazing day and big for Memphis 

[MLBrumby]

I haven't read this yet, but does this absolve the lessee vs. owner situation that stood in the way of renovation?  Or maybe I don't fully understand why things had been bottled up for renovation? 

NVM... I just read the article. 

The deal also dissolves the 99-year lease that has been owned for decades by New York City-based Equitable Holdings LLC and its corporate forebears. The coordinated move to acquire the property and terminate the lease in one fell swoop sees the land and the tower united under one entity for the first time in its history.

Edited April 1, 2023 by MLBrumby

[MDC26]

Great news!  I saw this right before sheltering from a tornado and having to navigate the aftermath. The article also said they purchased the parking lot and Avis car lot on the other side of the of the Visible Music College. Hopefully they get things going soon. 

[JTM1]

5 hours ago, Memphisborn said:

Read the article in MBJ, glad to see this finally happening. This is a rising tide to lift all boats development.

Agreed. My guess is it will be a hotel, condo, apartment, and office mixture. I hope they return it to its original color too.  

[JTM1]

3 hours ago, The Guardian of Memphis said:

MBJ has a lot more in-depth articles about the when why and how of this getting done. Truly a joy to read. I'm very happy for my city. The owner plans to restore the exterior back to its original design. What a great day for Memphis. I wonder how the clause in the lease/agreement that the building should be returned in good condition has on how much the owner will spend to refurbish this building?

Now the only thing left to solve is Mud Island...Marathon, not a sprint. 

The revitalization of the Sterick is going to spur more development downtown. 

[JTM1]

4 hours ago, The Guardian of Memphis said:

Great news. Can't wait til the finished product. I guess some of the previous negative comments about this ever getting done were wrong.

Wrong is the worst of ways. The group restoring the Sterick believe in Memphis and restoring the Sterick is going to spur more development in that area of downtown. 

[MDC26]

11 minutes ago, JTM1 said:

Wrong is the worst of ways. The group restoring the Sterick believe in Memphis and restoring the Sterick is going to spur more development in that area of downtown. 

Yes, same group that restored the Hickman building, and they did a great job with it. 

[bnacincy]

24 minutes ago, JTM1 said:

Wrong is the worst of ways. The group restoring the Sterick believe in Memphis and restoring the Sterick is going to spur more development in that area of downtown. 

I confess I was wrong....I thought no one would attempt to do anything with the Sterick-I thought it was too far gone.

Very happy to be wrong in this case...does anyone know what they will do with it? The Daily Memphian article does not mention anything.

[VSRJ]

Wow! I'm glad this news was released yesterday and not today because I think I would have been sure it was an April Fools' Day joke. But I've always said, if there's a city that can make a project like this happen, it's Memphis.

[Memphisborn]

2 hours ago, VSRJ said:

Wow! I'm glad this news was released yesterday and not today because I think I would have been sure it was an April Fools' Day joke. But I've always said, if there's a city that can make a project like this happen, it's Memphis.

Yes, we have strong history in adaptive reuse. Chisca hotel, TN Brewery, Sears Crosstown, currently 100NMain restoration. Now Sterick coming online. Hopefully we will see Mid - South Coliseum renovated and reused. Fingers crossed on that. 

[The Guardian of Memphis]

19 hours ago, MLBrumby said:

I haven't read this yet, but does this absolve the lessee vs. owner situation that stood in the way of renovation?  Or maybe I don't fully understand why things had been bottled up for renovation? 

NVM... I just read the article. 

The deal also dissolves the 99-year lease that has been owned for decades by New York City-based Equitable Holdings LLC and its corporate forebears. The coordinated move to acquire the property and terminate the lease in one fell swoop sees the land and the tower united under one entity for the first time in its history.

...and the article answered my question about who was going to be responsible for the good condition part. It's all on the owner now. 

[Memphisborn]

2 hours ago, The Guardian of Memphis said:

...and the article answered my question about who was going to be responsible for the good condition part. It's all on the owner now. 

It’s all on them. They stated in the article there is also national interest and LRK laid out a 40 page vision plan for what it needs to become. This is going to be the next sears crosstown redo a mini vertical village, Retail/ apts/ office/ hotel 

[JTM1]

19 hours ago, bnacincy said:

I confess I was wrong....I thought no one would attempt to do anything with the Sterick-I thought it was too far gone.

Very happy to be wrong in this case...does anyone know what they will do with it? The Daily Memphian article does not mention anything.

No need for that. I would say that we all have believed, at what time or another, it was too far gone. I did, until I was told that building was constructed to last for a long time and all it needed was some love and attention to the detail.  I am not sure about the time table, but I expect in the coming  days we will get more details about it. 

[Memphisborn]

5 hours ago, JTM1 said:

No need for that. I would say that we all have believed, at what time or another, it was too far gone. I did, until I was told that building was constructed to last for a long time and all it needed was some love and attention to the detail.  I am not sure about the time table, but I expect in the coming  days we will get more details about it. 

It’s going to be a rising tide to lift all boats type development 

[The Guardian of Memphis]

11 hours ago, Memphisborn said:

It’s going to be a rising tide to lift all boats type development 

Yes!

From a column in the MBJ: "With the Sterick Building sold and a full redevelopment in the works, one thing in Memphis has become abundantly clear: The old rules of Memphis development and economics no longer apply." 

Edited April 2, 2023 by The Guardian of Memphis