Arcade Building seeks incentives for renovation and expansion
The historic Arcade Building in Downtown Memphis will be renovated and its Arcade Restaurant expanded in early 2019.
Renovations of a previously vacant commercial bay will give the restaurant new bathrooms, a lounge area with a liquor bar, a separate coffee bar and about 50 additional seats. The project expands the restaurant’s second room, leaving its front room unchanged.
On the outside of the building, Memphians will likely see new signage, a mural alongside the entire south facade and newly painted store fronts.
The building’s owners are asking for a $60,000 exterior improvement grant and a $200,000 development loan for the project, which has a total budget of about $778,000, according to applications and staff reports from the Downtown Memphis Commission.
Downtown Memphis Commission staff recommended approval of both financial incentives.
“With major investments underway or recently completed at Central Station , Artspace Lofts, Malco Theater, and Arrive Hotel, this property is well positioned to add to the significant momentum seen in the South Main neighborhood,” reads a staff report.
‘We love Memphis and want to do our part’
The 15,000 square foot building, which includes the restaurant at the center and several storefronts, was built by the Zepatos family more than 100 years ago. The restaurant is now owned by Harry and Karan Zepatos and managed by their son Jeff Zepatos.
“Now, as Downtown is hitting a new era, we at the Arcade seek to grow with the city to better accommodate everyone who visits South Main,” Jeff Zepatos wrote in the application to the Downtown Memphis Commission. “We love Memphis and want to do our part.”
Zepatos said he never had a chance to know his grandfather or great-grandfather, but that he grew up hearing stories about them told by customers at the restaurant. Customers have also shared memories of going to the Arcade Restaurant after church or after dropping a loved one off at the train.
“We just want it to last another 100 years so people can create those memories with their families, their friends,” Zepatos said.
Katherine Burgess covers county government and the suburbs. She can be reached at katherine.burgess@commercialappeal.com or followed on Twitter @kathsburgess.