"Loeb Properties Inc. hopes to develop a neighborhood fit for the venue where it unveiled its new Overton Square concept: the Playhouse on the Square.
The Memphis-based commercial real estate firm has abandoned its plans for a grocer-centered development and is instead focusing on one which caters more towards theater, arts and entertainment. It hopes to complete the project in January 2013 after starting construction in April.
Sooner Development had the property under contract and had planned on razing the buildings. Midtown activists stopped that development which was not the highest and best use, Robert Loeb told a crowd Wednesday evening when he unveiled his company's plans for the area.
Loeb Properties got the property under contract and planned to have a grocery store. It had strong interest from a “dominant grocer,” according to Loeb, but could not get much progress."