Pinch District site up for grabs
Development had been in the works since 2019
One of Downtown Memphis’ most notable projects is up for sale — at least the collection of property is.
Developer Tom Intrator’s 21-parcel
Pinch District development is listed for sale via commercial real estate firm, Newmark.
According to the listing, the 5.56-acre site is up for sale as a mixed-use development and investment. The listing does not include a sales price. It does mention the $500 million worth of investment Intrator’s real estate firm 18 Main LLC has made toward securing incentives along with construction and zoning permit approvals.
Representatives from 18 Main LLC did not return requests for comment regarding the property listing.
The news was first reported Friday by the Daily Memphian.
The Pinch District development has been in the works since 2019. The development which was set to include multifamily, commercial and office space and an unnamed 406-room hotel extends from Shadyac Avenue on the northern half of the project site to Jackson Avenue on the southern half.
In May 2023, the Center City Revenue Finance Corp., an affiliate board of the Downtown Memphis Commission approved an extension for a previously approved payment-in-lieu-of-taxes (PILOT) incentive for the Pinch development. The Center City Revenue Finance Corp. previously approved a 30-year PILOT for the development and extended the closing date for the project to May 9, 2024.
According to the application filed from May 2023, the development had plans for 942 residential units and more than 169,000 square feet of retail space.
Construction on the first phase of development for the project was expected to begin in December 2023 with an estimated completion date set for 2027. At this time, no noticeable construction has begun at the project site.
Intrator owns several properties throughout Downtown Memphis and is also currently working toward opening the 171-room Dream Hotel at the former Royal Furniture Co. site at 122 S. Main St. The Dream Hotel project is ongoing, but has also incurred some delays. In November 2023, the Memphis and Shelby County Land Use Control board approved a nine-month extension for the project’s special use permit which would carry over until Sept. 1, 2024.
In August 2023, a $75 million construction permit was filed with the Memphis and Shelby County Division of Development and Planning for the hotel site. The permit application included plans to build a 14-story tower atop the existing three-story building.
The tower construction plans are aligned with site design plans previously approved by the Design Review Board, an affiliate board of the DMC, in July 2023.
Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com , 901-426-0679 or via X: @neilstrebig