MEMPHIS, TN (WMC) - Developers are building a new hotel on Memphis' famous Beale Street.
Tuesday morning the Downtown Commission approved the Knoxville-based hotel developer's request for a $2.8 million 15-year PILOT to develop the hotel.
The boutique hotel will be built on the site of Beale Street's former Club Crave, which closed in December 2012 after a deadly Christmas Eve shooting.
So far, the $16 million hotel application includes retail space, a fitness center, a business center, an indoor pool, an outdoor fire pit, and a rooftop patio.
It will be called The Inn at Beale Street, with five stories, holding up to 120 rooms.
The project is expected to start next July, and it's one that tourists on Beale can't wait to see.
Developers said the project will breathe new life into the corner of Beale and Fourth.
"Well I am hoping it does come up to make it more appealing to the walking traffic," said Glenda Burell from Arkansas. "You know? Because it makes it feel safer if you don't have to worry about little dark corners like that."
The Inn at Beale Street will be part of a flurry of new hotels popping up around Downtown Memphis, and some of those projects already under construction.
Miguel Cabrera from Corpus Christi, Texas who is on a road trip, said picking the right hotel comes down to two things.
"We look for affordability, but we also look for location," Cabrera said. 'Are we near some cool sites so we don't have to drive too far?"
This new hotel will be in a prime spot for easy walking access to the entertainment district.
"That definitely would be cool because we could check this [Beale] out then walk back to the room as opposed to trying to find a Lyft or Uber, driving all that mess," Cabrera said.
In the PILOT application, the developer hopes The Inn at Beale Street paves the way for more development in the area while promising to bring more jobs and improved pedestrian safety to the area.
You can expect to see the new hotel open for business by October 2020.