Plans for a new hotel in Overton Square just took a step forward.
A building permit valued at $16 million was filed June 17 for the new construction of a seven-story hotel at 21 S. Cooper. In 2017, Memphis-based Loeb Properties Inc. announced its plans to build a hotel that would be located on the surface lot adjacent to the Square’s parking garage.
At the time, the hotel was projected to cost about $24 million, include 109 rooms, and be part of Marriott International Inc.’s Tribute Portfolio. The owner and tenant on the June permit were listed as “The Memphian Hotel LLC.” Previous renderings showcased the name “The Memphian” on an awning.
Montgomery Martin Contractors LLC was listed as the contractor; Burns Engineering was the engineer; and Renaissance Group Inc. was the architect. The project will be codeveloped by LRC2 Properties and MMI Hotel Group.
In 2017, the developers also received a $6 million tax break for the project via a 15-year Community Builder PILOT (payment-in-lieu-of-taxes) from the Economic Development Growth Engine (EDGE) for Memphis & Shelby County.
The project was recently honored at the Memphis Business Journal’s inaugural Best Real Estate Deals in the mixed-use category.