Groundbreaking party announced for Crosstown development
January 26, 2015
Memphis Business Journal
Once an eyesore in the Memphis skyline, the historic Sears Crosstown building is on its way to a complete revival.
An $80.5 million loan from SunTrust Bank combined with funding from 21 public, private and philanthropic sources and more than $200 million has been secured for project financing.
A groundbreaking party and community rally is planned for Feb. 21 from 11 a.m. to 2 p.m. to kickstart the rebrand of the once abandoned building. That date is exactly 88 years after the original groundbreaking in 1927.
Food, music, a display of artist's renderings and the grand name reveal of the development are all part of the planned festivities. Local artists will also melt down the old radiators from the building as part of an iron pour to make commemorative tiles.
The building is currently 1.5 million square feet, but once the remodel is finished the space will be 1.1 million square feet. The new Crosstown will house restaurants, retail space, a small grocery store, fitness center, health clinics, a charter high school, art center, commercial offices and apartments.
Grinder, Taber & Grinder Inc. is the general contractor for the project.
Tenants that have already leased space include:
Church Health Center
Gestalt Community Schools
Memphis Teacher Residency
Methodist Le Bonheur Healthcare
St. Jude Children's Research Hospital
A Step Ahead Foundation
Christian Brothers University
The Excel Center
The Poplar Foundation
The Pyramid Peak Foundation
Southern College of Optometry
Crosstown Back Foundation
Teacher Town, USA