Major downtown tenant to vacate building, relocate to East Memphis

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MEMPHIS, Tenn. — One of the tallest buildings in Memphis will soon have to find new occupants.

Currently the Raymond James financial firm fills the 21-story downtown building, but the company announced it will be moving its employees to East Memphis.

Everyday you'll find Bill and Pam Edmondson running River Time Market and Deli.  They serve many people who work nearby, including those from financial service giant Raymond James.

"We decided to open this place up, and we wouldn't change nothing," Bill Edmondson said. "We are happy with it."

Unfortunately though, some change is inevitable. And there are some big changes on the horizon, when it comes to the neighboring corporation.

Raymond James is currently leasing the 21-story skyscraper on Front Street, but the full-service brokerage firm is looking to broker a new deal.

The new deal includes vacating the Front Street building and moving operations to East Memphis. The company said the building is deteriorating.

Adding to the move, Raymond James wants a $3.2 million tax break for its relocation.

"I'm just like you, I don't know until it happens," Bill Edmondson said.

The company is asking the economic development agency for both the city and county to move forward with the incentives.

Undoubtedly, Raymond James moving out would have an impact. But the Edmondsons said they are looking at the glass as half-full, meaning they are not concentrating on who they may lose, but instead who or what could move in.

"We like to see new people come in," Bill Edmondson said. "We've had a lot of people moving down here."

We reached out to EDGE, the economic development agency, but they are unwilling to comment until the board has examined the proposed plans.

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