MEMPHIS, TN (WMC) - A five-story building in Downtown Memphis could become an operational 70-room boutique hotel by the end of 2017.
The former Regions Bank building, located at 158 Madison Avenue, was purchased on July 14 for $1.1 million.
Renderings provided by Chris Pardo Design: Elemental Architecture depict what the hotel rooms, 16 of which will be suites, will look like. There will also be a restaurant, outdoor patio, and rooftop bar.
"The hotel will feature a street-facing restaurant, which inhabits the full frontage on Madison," Pardo explained. "The restaurant, named 'Teller,' will be open breakfast, lunch, dinner, and late night and feature artifacts from the original bank in the overall design aesthetic."
Pardo said the restaurant will feature "regionally sourced ingredients and local flavors."
The rooftop bar will be open to the public and named "Errors & Omissions," a friendly jab at the insurance agencies that once occupied the upper levels.
"It will be a true craft cocktail bar," Pardo said. "It features a large indoor/outdoor bar, fire pits, glass vertical lift windows and slide-by-wire shading."
Pardo said he has always been "enamored" by the city's musical history and culture. The revitalization of South Main, Overton Square, and Broad Avenue helped pique his interest in Downtown Memphis.
"When I saw the 158 Madison building become available, the building really spoke to us aesthetically and we jumped on the opportunity to add to the positive momentum and make our first investment in Downtown [Memphis]," he said.
The renovations are expected to take eight to 10 months once construction begins.