Overton Square plans are unveiled - WMC Action News 5 - Memphis, Tennessee

Overton Square plans are unveiled

By Lori Brown - bio | email

MEMPHIS, TN (WMC-TV) - Overton Square is on its way to being resuscitated. That is welcome news to people in Midtown, who have been staring at vacant buildings for 16 years now.

Loeb Properties says construction could start on revamping the square as early as 2012.

"It's not going to be a watering hole as it was in its original form, we see it as a neighborhood gathering spot, where there will be restaurants and retail spots, mostly local merchants," Robert Loeb, President of Loeb Properties said.

The anchor would be a grocery store. But until the deal is final mum is the word, when it comes to which national grocer.

Local developer Robert Loeb says trust him, it will be a good one.

"The land cost per-square foot will be higher than any other grocer has paid in Memphis. You cannot build a mid-price grocer on premium price land."

Loeb said it is a chain that is already in the Mid-South.

"You're asking too many questions," Loeb said with a laugh, when Action News 5 asked if the chain is similar to Fresh Market.

The grocery store would be built on what is now an empty parking lot. The 53,000 square foot store would be larger than the Midtown Schnucks, but smaller than the East Memphis Kroger on Mendenhall and Sanderlin.

For all of this to happen, the city would have to agree to build a $5 million underground parking structure.

It would be built to the west of the store. The structure would also double as "water detention center" in order to help ease Lick Creek's flooding problems.

So now it's time to wait for two things.

Loeb Properties needs the grocer to commit, and it needs the city to agree to build the parking detention center.

Loeb hopes those two things will happen by June 30th.

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