"Memphians may not have to graduate from Newby's after all. Venerable Memphis developer Loeb Properties Inc.has expanded its retail portfolio with the purchase of the recently shuttered Newby’s bar and music venue on the Highland Strip.
Loeb, operating as Highland University District LLC, paid $450,000 for the two adjacent properties at 535 and 539 S. Highland St. Built in 1927, the properties total a combined 10,200 square feet, according to Shelby County Assessor of Property data. Paragon Bank foreclosed on the buildings in July 2014.
Loeb Properties president Bob Loeb said a record amount of public and private investment in the University of Memphis district prompted his company's interest in Newby's."
Memphian of the Year: Bob Loeb
Bob Loeb has been honored with the Memphis Magazine 2014 Memphian of the Year award:
"In the heady 1970's days, T.G.I. Friday’s was the heart of the district; revelers often stood three deep at the bar, ramping up their rowdiness for the weekly wet T-shirt contest. Other eateries and clubs — Silky Sullivan’s, Bombay Bicycle Club, Lafayette’s Music Room — also packed in the crowds, while retailers sold candles and body oils, antiques and art, trendy gifts and funky furniture. But the real attraction was the atmosphere itself, fueled by liquor, live music, and the hormonal exuberance of 20-somethings ready to party.
A teenager then, Bob Loeb says today, “Frankly I was intimidated by Overton Square. That was the big boys’ playground. I didn’t feel I belonged there.” Then the 59-year-old with his chiseled good looks declares with an easy laugh, “But I have quite a number of friends who report they went there regularly!”
As years passed, Loeb joined the throngs who filled the streets at night, and, like many Memphians of at least two generations, he has fond memories of such places as Le Chardonnay, Palm Court, Bayou Bar & Grill, and other establishments. Several closed long ago while others, despite the whims of taste and time, have endured four decades. “Some memories I can share,” smiles Loeb, “some I can’t. But like so many folks, I have a sentimental attachment to the Square. People of such a wide age range want to see it successful.”
Clearly they are seeing that now. Though Overton Square’s popularity faded in the 1980s and by the twenty-first century showed dimming signs of life, the now-bustling district boasts growing occupancy of properties along Madison and its environs. Patrons, some who were at the Square in its heyday and others who weren’t born then, relish the revival of a Memphis institution."
Memphis Daily News: Loeb Buys East Memphis Office Complex
"Loeb Properties has acquired an office complex in the heart of East Memphis, the company’s first major acquisition since it bought Overton Square in July 2012.
Memphis-based Loeb Properties purchased Executive Square, a 40-suite professional office complex at Poplar Avenue and Yates Road in East Memphis, from F. William Hackmeyer for $3.85 million.
“Executive Square has all the right attributes, primarily its visibility and location on Poplar Avenue, two blocks from I-240,” said Lou Loeb, executive vice president of asset management for Loeb Properties. “The potential of this property is enormous.”
The four-building, 51,146-square-foot complex was built in 1973 and is currently 70 percent leased. Loeb officials said Executive Square is a good destination for small businesses needing 500 square feet to 2,000 square feet and looking to locate in East Memphis, the city’s premier office market."
Commercial Appeal: Construction Starting on Innovative Stage
"Construction could start next month on Broad Avenue Arts District’s pioneering project to turn a loading dock into shared space, used alternately for warehouse operations by weekday and an outdoor performance stage by night or weekends.
The Water Tower Depot should take about six weeks to build, finishing just in time for the eight-week “Dance on Broad” festival of performances, dance lessons and live music starting May 10. The old Broad Avenue commercial district between Midtown and East Memphis has been resurgent for about five years. New businesses continue to move in and renovate under-used or vacant buildings."
Memphis Daily News: Mary Carter Cake Decorating Center to Grow
"A venerable Memphis cake decorating and supply store is moving to a new location on Summer Avenue.
Mary Carter Decorating Center signed a 4,800-square-foot lease in Cloverleaf Shopping Center at 733 N. White Station Road.
The father-and-son team of Jim and Chris Faherty have operated the family business out of their current, 2,500-square-foot location at 3205 Summer Ave. for 55 years."
Memphis Business Journal: Robata Ramen Signs Lease in Overton Square
"Jimmy Ishii plans to open a new concept, Robata Ramen & Yakitori Bar, in the Overton Square’s historic Griffin House.
The Memphis restaurateur signed a 1,526-square-foot lease at 2116 Madison Avenue, taking a yellow house which remained residential during the district’s commercial heyday.
Robata Ramen & Yakitori Bar, taking its name from the Japanese word for “fireside,” is an izakaya bar and grill serving kushiyaki skewers of grilled meat and vegetables, kara-age bite-sized fried chicken, ramen noodle soups and other traditional Japanese items.
Chefs will serve customers seated at the bar using a paddle. This method comes from an old Japanese method of fishermen passing meals from boat to boat."
Memphis Business Journal: Overton Square Approaching Capacity
Loeb Properties Inc. has been riding a leasing hot streak in recent months at Overton Square. The Midtown retail property, once left for dead, is now currently 73 percent occupied. What a difference a year, and a local owner, make.
Overton Square declined for years under Colorado-based Overton Square Investors LLC, but that started changing once Memphis-based Loeb purchased the property.
New Sweet Shop Signs Lease in Overton Square
"Dentists of Midtown might want to brace themselves as Overton Square has landed a local candy shop.
Sweet Noshings, owned by Leena Asbridge, has signed a 1,750-square-foot lease at 2113 Madison Avenue. The sweet shop will offer a variety of sugary options, including candy, cookies, cake, popcorn, chocolate and coffee.
“Years ago, I told my parents that one day I would open a candy shop, and the first thing I would stock is chocolate-covered marshmallows,” said Asbridge. “Today I have executed a portion of that dream — the perfect location. There isn’t a better choice than Overton Square for the family-friendly atmosphere I want to create with Sweet Noshings.”"
The Memphis Flyer: Hip To Be Square
"It's Friday night, and it's nearly impossible to find parking around Overton Square. Drivers cruise down Madison, hoping to be lucky enough to spot someone pulling out of a precious on-street spot in the shadow of the still-under-construction parking garage.
Patrons of the newly opened martini lounge Bar Louie sip cocktails on the swanky patio. Others linger on the front steps of a vacant space next door, talking and texting on their phones. A couple holding hands crosses Madison and ducks into Local Gastropub. The windows of Boscos Squared offer a peek at diners eating and laughing.
Three men, who look to be in their mid-to-late 50s, walk past Bar Louie, and one points in the direction of a parking lot beside the Bayou Bar & Grill across the street: "That's where the old Silky's used to be," he says. The men exchange a nostalgic "uh-huh" and "that's right."
Although vacant spaces remain in the previously left-for-dead Overton Square, a handful of new businesses and the promise of more have begun to resuscitate the iconic Midtown corner at Cooper and Madison."
Memphis College of Art Creates 1923 Poplar Mural
The service station at 1923 Poplar faces Overton Park and neighbors one of Midtown’s cultural mainstays, Memphis College of Art.
In an effort to brighten up a very visible Midtown corner, Loeb formed a partnership with MCA, and a plan was devised to paint a mural on the east-facing side of the building. Visible driving east on Poplar, the bright colors and happy message are a welcome addition to the neighborhood.
The design class put together a booklet on the project, which summarized the project this way:
We first discussed our main objectives, that the mural should be about Midtown and legible while driving down Poplar Avenue. After exploring what we thought captured the spirit of Midtown Memphis, we decided to create a survey to compare our thoughts to others. They were essentially one in the same: that Midtown is lively and blooming. After some deliberation, we felt the mural should have an upbeat Midtown message, which we wanted to portray through geometric forms and bold colors. We chose the text “Midtown is Our Memphis” to transform the original “Midtown is Memphis” expression from an exclusive phrase into an inclusive one.
WMC-TV 5: Overton Square Facelift In Progress
"There is a lot of moving and shaking going on in Overton Square these days as the area gets a well-deserved face lift.
When many think of Overton Square, they think of the food and beverage scene, but its redevelopment means adding fitness centers and it is all set to open by the end of the year.
"To have a vibrant downtown, you have to have a healthy Midtown," explained Bob Loeb, Loeb Properties.
Loeb says Overton Square is on its way to making a new name for itself.
"We've got food and beverage, we've got theater and film. We want art on the street, so we've got mosaics and murals," he said. Loeb says there is a possibility for a new tapas and crepe restaurant. But restaurants will not be the only attraction."
Memphis Daily News: Loeb Incorporates Art Projects
"The firm redeveloping Overton Square considers its task at hand to be playing to its Midtown audience – not only in building construction, but also in incorporating art.
Loeb Properties Inc. is investing more than $20 million to revive the once-booming arts and entertainment district of the 1970s and 1980s. That includes adding new tenants to expand Overton Square’s footprint, redesigning existing structures and building new ones, and implementing a dozen or so multimedia art projects throughout.
“We’re trying to get a little bit of everything – sculpture, mosaics, 3D interactive pieces,” said Louis Loeb, executive vice president asset management for Loeb Properties. “It’s really been sort of difficult because we haven’t had a budget for it. We want to do a number of things, and it’s just developed a life of itself.”"
Overton Square Updates
Ready to get updated on all that's happening at Overton Square?
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."
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."
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."
Retail Transformation in East Memphis
"Two of Loeb Properties Inc.’s larger retail centers in East Memphis are in the midst of major transformations.
Park Place Centre – the upscale 175,000-square-foot center at Park Avenue and Ridgeway Road that Loeb acquired fromBelz Enterprises Inc. for $10.3 million in late 2010 – has completed $60,000 in improvements, including new monument signage, ongoing tenant improvements, revamped landscape and a new music system.
“Some of it is just making it our own,” said Tom Hayes, Loeb Vice President of Construction. “Some of it is just having new owners look at it with fresh eyes.”"
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."
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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.”"
Memphis Daily News: Changes Squared
"Memphis City Council would have voted Tuesday, Dec. 6, on whether it would fork over about $16 million in funds for public infrastructure improvements in Loeb Properties Inc.'s redevelopment of Midtown’s Overton Square.
However, the vote was pushed back to Dec. 20 so the council had more time to study a site-specific tax increment financing plan, according to council member Shea Flinn, who, along with Jim Strickland, represents the district encompassing Overton Square."