Overton Square Updates

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Ongoing Renovations

Bar Louie: The air-conditioning units that were removed this past Friday were from the top of the future Bar Louie space, at 2125 Madison. They have already started construction and demo work inside, and are also planning to build a 1,700 SF outdoor patio.  They plan to be open for business in February 2013.

Renovation Plans: Renovations to the “west building” (2087-2097 Madison, the building which includes Memphis Pizza Café & Golden India) are currently underway. We have made extensive structural repairs to each space, internally and externally, and we are painting the exterior with the new color scheme (our designer is Jack Rainey of Rainey Contract Designs). Other changes include added modern commercial storefronts to the Trimble-facing spaces and repaired rear balconies for the Madison-facing spaces. We are making these renovations and changes to bring the buildings up-to-date and more leasable for today’s retailer, while maintaining their historical character.

Other Renovations: The “east building” (the curved building including Bar Louie and the former Friday’s space, 2115-2125 Madison) exterior and interior structural repairs, including painting and art (see below). The middle building (or “atrium building”) will begin major renovations January 1.

Memshop/Holiday Market: The Mayor’s Innovation Team is sponsoring a pop-up holiday market at Overton Square with over 30 artists selling their wares, as well as a community café, a pop-up clothing store, music, and more. It will take place the three weekends leading up to Christmas. See their facebook page for more information.

2116 Madison/”The Cottage”: After demolishing the breezeway that connected this building to the former Paulette’s, extensive structural and exterior repairs have been made to this 1,500 sf former residential building, including the addition of a handicap-accessible ramp. It is now being painted and an outdoor patio is planned for the “front yard” facing Madison Ave. While it is still currently available for lease, we are getting close to signing a lease with a new restaurant concept who would open late winter/early spring 2013.

Public Art Updates

This is being headed up internally by Lou Loeb. Local artist Carol DeForest has been hired as our public art consultant; together with Lou and the Overton Square arts committee, the following projects are underway:

  • Mural by David Lynch on the north face wall of Bari Ristorante
  • Large-scale sculpture by Yvonne Bobo
  • Mosaic by Lea Holland
  • Backlit stained glass by Suzy Hendrix for the upstairs windows above the former TGIFriday’s
  • Interactive music exhibit by Sean Murphy for the Trimble Courtyard

New Panera Underscores Midtown Memphis 'Tipping Point'

"Panera Bread Co. is coming to one of Midtown’s busiest streets following years of site selection in the area.

The St. Louis-based fast-casual sandwich franchise plans to open in the 4,588-square-foot, freestanding space that is currently a Pizza Hut at 1961 Union Ave. by early May.

Rick Postle, who owns Panera franchise rights to the Memphis area along with his wife, Rosemary, under the entity Delta Dough Inc., said Panera’s new Midtown store will not only fill unmet demand in the area but will be the first location in West Tennessee with a drive-thru."

Read more in the Memphis Daily News

Loeb Properties Finalizes Overton Square Purchase

"Loeb Properties Inc. has closed on Overton Square, paving the way for the Memphis-based commercial real estate firm to move forward with its plans for the historic property.

Loeb Properties purchased the property, which is eight acres spread across multiple parcels, from Colorado-based Overton Square Investors LLC for $7 million.

The land is bordered by Court on the north, Cooper on the east, Monroe on the south, and Florence on the west."

Read more in the Memphis Business Journal

Bar Louie to Open in Overton Square

"Bar Louie, an upscale neighborhood bar and restaurant, is coming to Overton Square, adding another eatery to the Loeb Properties Inc. project.

The restaurant franchise has signed a 5,650-square-foot lease at 2125 Madison. It will occupy part of the curved building at the southwest corner of Madison and Cooper.

This store will be Bar Louie’s 11th franchised location and will be operated by a Chicago-based franchisee, Tony De Salvo and partners. Construction should start in August with a goal to be open by Jan. 1, 2013."

Read more in the Memphis Business Journal

Local Gastropub Comes to Overton Square

"Local Gastropub, a popular downtown restaurant and bar, will open its second location in Overton Square. Following the recent Chiwawa lease at the old Chicago Pizza Factory, Local is the next to lease a spot in the commercial redevelopment of Midtown’s historic arts and entertainment district.

Local Gastropub will open in the former Yosemite Sam’s at 2126 Madison Ave., at the northwest corner of Madison and Cooper.   The 100-year-old, 5,826 square foot, two-story building housed Yosemite’s Sam’s for 39 years.  “It’s always been one of the gateways to Overton Square and that will continue with Local,” said Aaron Petree, vice president of leasing for Loeb Properties. Petree represented Loeb in the lease negotiations.

“We are excited to be part of this exciting vision for Overton Square,’’ Local Gastropub owner Jeff Johnson said. “Downtown is a destination and Overton Square will be, too.  I’m glad to be there from the beginning.”  Local Gastropub, now located at 91 South Main Street, will be replicated in Overton Square, featuring upscale food in a casual, pub-like setting. 

The Overton Square site for Local Gastropub has undergone “significant renovation,” according to Tom Hayes, vice-president of construction for Loeb Properties. “The building had major structural problems when we purchased it, and we knew going in that the rehab would cost as much as the purchase price.  My working concept has been a ‘rebirth’ because the building was at the end of its functional life, but it had good bones and given its history, it was worth saving,” he said.

Matt Prince, senior vice-president of Loeb Properties, said the contract with Local Gastropub is the “first step in an effort that will not only revive Overton Square but surpass our memories of it.”   Loeb Properties will invest about $20 million to revive the arts & entertainment district and Overton Square’s footprint to about 115,000 square feet, including the redesign of existing buildings and construction of new buildings. 

Local is an important and symbolic tenant for Overton Square, said Prince, because “it’s a local company with local ownership and that was, and will continue to be, an important part of the district’s personality and vibe.”  He said Loeb Properties is encouraged by the enthusiasm and the interest of retailers and restaurateurs in leasing opportunities in Overton Square.

“We see Overton Square as the linchpin between Overton Park and Midtown, capitalizing on the hundreds of thousands of people drawn there by Playhouse on the Square,’’ said Prince. “With the relocation of Hattiloo Theater to the Overton Square arts & entertainment district, the number of theater-goers will only grow,” said Prince.

Loeb Properties owns and manages a portfolio of more than two million square feet of retail, office, multifamily and industrial properties in Tennessee and Mississippi, and is the largest developer in the Midtown area."

Read more in:

Commercial Appeal

Memphis Business Journal

Daily News

Memphis Flyer

ABC 24

WMC 5

Memphis Daily News: Rotary Overton Square Talk

"Among the first of Bob Loeb’s comments when he addressed the Memphis Rotary Club Tuesday, Jan. 10, was that when his firm finishes the redevelopment of Overton Square, the hope is to pass the Rotarian Four-Way Test.

For Rotary, the Four-Way Test is the cornerstone of all action that asks the following questions: Is it the truth? Is it fair to all concerned? Will it build goodwill and better friendships? And will it be beneficial to all concerned?

“Our goal will be to pass the test when we finish this development,” said the president of Loeb Properties Inc. “It’s been a labor of love and we think that 2012 is going to be a lot more exciting than 2011.”"

Read more in the Memphis Daily News

Memphis Daily News: Loeb Builds On Success

"Currently, Loeb Properties is excited about the redevelopment of Overton Square. The acquisition and renovation of retail space and mixed-use properties on the south side of Madison Avenue is where the company’s focus will remain for the next 18 to 24 months, Bob Loeb said.

The company’s focus on Memphis, the Memphis Metropolitan Statistical Area and specifically the New Urbanism Movement, is helping to grow the company and give Loeb the opportunity to form positive working relationships in areas such as Midtown.

“It’s really exciting,” Bob Loeb said. “It’s incredible – the amount of comments we get from people who are encouraging. So many people, spanning probably three decades in age group, have a lot of sentimental attachment to Overton Square. Since it’s been in such a sad state for 10 years and we now have a plan that seems very viable, people are encouraged and we’re getting a lot of support – a lot of ideas – from a lot of people.”"

Read more in the Memphis Daily News