Raymond James takes another step from Downtown toward E. Memphis

Daily Memphian
Tom Bailey

Raymond James and Associates this week took another step in its plan to move its Memphis offices from Downtown to East Memphis, filing for a building permit that estimates renovation costs will total $13.6 million.

The financial services company submitted an application for permits to carry out interior renovations to 1100 Ridgeway Loop ($7.25 million in construction) and 889 Ridge Lake ($6.33 million.)

Grinder Taber & Grinder will do the construction that has been designed by LRK Architects.

Last year, the Florida-based company announced it planned to vacate the 21-story Raymond James Tower at 50 Front St. and move 13 miles east to Boyle Investment Company’s Ridgeway Center office park at the northeast quadrant of I-240 and Poplar.

The company made its decision during a long-running dispute with its Downtown landlord over the then-condition of the tower, especially the elevators that are now being replaced.

Raymond James sought and received an eight-year property tax break that will save the company $3.2 million.

 In return, the company committed to staying in Memphis, adding 100 jobs to the 863 it already has on its Memphis payroll, and investing $23.6 million with the suburban move.