MEMPHIS, Tenn. — It's the tallest building in Memphis, but after several failed attempts at redevelopment, there may be hope for the 100 North Main Building.
Mayor Jim Strickland's administration announced plans Thursday to develop the high-rise and adjacent properties on Main Street into a convention hotel and other uses by the end of 2022.
Plans call for a Loews hotel with at least 500 rooms in the main structure, and a parking garage containing retail space and a ballroom at 80 N. Main.
“This could represent a major investment in Downtown — which means a major investment in all of Memphis with new jobs and more economic growth from which all Memphians will benefit," Strickland said in a statement. "I’m eager to work with these partners to make this a reality.”
The project would depend on agreement between Strickland's administration and a joint venture between Loews Hotel Holding Corporation and THM Memphis Aquisitions.
The city plans to help fund the project by approving a Tourism Development Zone with a 5 percent tourism surcharge for 30 years.
The agreement also mentions that improvements to the nearby Cook Convention Center are to be completed by Dec. 31, 2020.
The 37-floor 100 North Main Building has been vacant since 2014.