(WMC-TV) - Loeb Properties revealed its plan to renovate Overton Square in Midtown Memphis at a meeting held at Playhouse on the Square Wednesday night.
Loeb Properties said what Overton Square already has will be the main highlight of the plan to renovate the property. Theaters and the arts will be at the heart of the $19.2 million project.
June West with Memphis Heritage was just one of many people who attended the meeting. They found out that Loeb Properties is ready to go ahead with the project.
"To find a true believer and do what we thought could be done makes us feel validated," said West.
At this point, Loeb Properties is working to get part of the property rezoned for multi-use and to convince the city to put up more money.
"We got some funding approved, but as you have heard, that cost has gone up," said Memphis City Council member Jim Strickland.
Project developers said more money will be needed.
"In totally, about $4.6 million more," said Memphis City Council member Shea Flinn.
While those involved said the extra city money will help make it successful, the project is not contingent on it.
"As we've gotten more involved in it and more comfortable with it, we can see demand," said Robert Loeb with Loeb Properties. "We said we are moving forward regardless."
Loeb asked the city to make a decision about putting up more money as soon as possible, as the time table on this project is starting soon with a January 2013 open date.
The hope is that once Overton Square is developed, other projects will also develop. For example, the owner of the old French Quarter Hotel said it is likely a hotel chain would move in if they saw the square project completed.
To see Loeb Properties' images of their plan for Overton Square, click the following links: