Crosstown to Redevelop Historic Retail Complex for $180M
June 06, 2014
Commercial Property Executive
It’s the time for massive redevelopment projects in Memphis, it seems. Following the March announcement of the $100 million renovation of the iconic Union Planters Building, that will see the 792,000-square-foot office building turned into a hotel and upscale apartments, the Bluff City is now seeing the massive redevelopment of the Sears Crosstown move forward.
According to the Memphis Business Journal, contractor Grinder Taber & Grinder Inc. took out three public permits worth over $115 million on the Midtown Memphis redevelopment project. An $82.2 million permit was obtained for the renovation and upgrade of the 1.5 million-square-foot building’s core and shell, while a $27.2 million permit was landed for work on floors seven through 10, which will house the project’s apartment component. A $5.9 million garage renovation, the first component to kick off work, has also received a permit.
The $180 million renovation of the Sears Crosstown building by owner Crosstown LLC is scheduled to be completed in spring 2016. The historic former retail building is set to transform into a 10-story mixed-use vertical village, featuring apartments, retail, education, office, dining, arts, healthcare and wellness components and a bevy of common areas and green spaces. Built in 1927, the behemoth structure has sat unused for the past 20 years and is now expected to become a revitalization catalyst for the entire neighborhood.
The 16-acre, 1.5 million-square-foot asset was purchase by Crosstown LLC in 2007 for $3.5 million, as previously reported. Memphis-based architecture firm Looney Ricks Kiss (LRK) is signed onto the project, which will pursue LEED Platinum certification. LRK is involved in a bevy of notable Memphis projects, past and current, such as the expansion of the National Museum of Civil Rights, the redevelopment of Overton Square and the adaptive reuse of the historic Chisca Hotel.