March 01, 2021
The Downtown Memphis Commission has a deal in place to purchase 100 N. Main for $12 million with a mid-March deadline, former DMC CEO Jennifer Oswalt said Friday.
The DMC would purchase the city's tallest building and surrounding property with public funds from the payment-in-lieu-of-taxes extension fund. The city of Memphis and Downtown Memphis Commission would then ask the private sector for its ideas to redevelop the site either through rejuvenating or razing the site, said Oswalt. The former DMC CEO left the organization last year and is managing the project as a contractor.
The DMC would be buying the site from Townhouse Management Co., which has spent much of the past two years suing the city and DMC after 100 N. Main was left out of plans for the Loews Convention Center Hotel. The parties reached a deal in late-December, Oswalt said.
"The city just invested in the convention center and this is a huge vertical and horizontal blight in the middle of the path between the new Convention Center and the rest of downtown entertainment district," Oswalt said. "We had the ability to get control of it for basically the same amount that we would put into the project to incentivize development."