(WMC-TV) - A popular burger joint will soon expand into Midtown Memphis.
The idea of bringing business, culture and entertainment together isn't new to Midtown but investors say new capital and a new look is what they want for the successful rebirth of Overton Square.
Robert Loeb, the president of Loeb Properties, expressed enthusiasm Wednesday at a meeting to discuss Rebirth plans for Overton Square in Midtown.
"We're committed to bringing back the square as best we can," he said.
Investing $19.2 million, Loeb Properties is asking the city of Memphis to contribute almost $12 million in order to revitalize existing businesses. New partners would include a new suburban-style grocery store, a theater for the arts, and perhaps a new hotel and day spa to redevelop the French Quarters.
As part of his presentation, Loeb made another revelation: Five Guys is coming to Midtown. The East Memphis location on Ridgeway has been bustling with business since its opening earlier this year.
"We're very excited with the Memphis market," franchise owner Seth Hargett said. "We came in here last year, well actually last May, and had such a great response that we decided to accelerate our expansions."
The new restaurant is set to open in the old Mid-South Title Loans building on Union Avenue, near Cooper.
With new prospects coming to the area and target opening set for January of 2013, investors are hopeful Overton Square will once again become the heart of Midtown Memphis.
Loeb says the goal of revitalization is keeping the new spaces smaller and local, instead of chain operations.