MEMPHIS, TN (WMC) - A 100-room boutique hotel could be coming to Overton Square.
The parking lot on Cooper Street that sits next to the parking garage could soon be the site of the $24 million hotel proposed by Loeb Properties. Plans for the hotel include a rooftop restaurant and structural parking.
Trip Miller, who is a financial adviser with Gullane Capital LLC in Memphis, said a large hotel would be a game changer for Overton Square and Midtown Memphis.
"It's an additional piece that needs to be there for Midtown to take the next step as a true entertainment district," he said. "Putting a hotel there, it's a natural aspect for that area that has been missing."
Loeb Properties applied for a 15-year tax incentive totaling about $6 million from the Economic Development Growth Engine of Memphis and Shelby County. The hotel itself is expected to put $5 million back into the economy in the same amount of time.
"It's excellent, every development for the city is positive," said Mario Briceno, who, despite his support, is somewhat worried about the parking situation. "The parking aspect will be detrimental to that, but we'll find places."
"I think it would be nice for the community of Memphis. This is a good area, and a lot of people come through here," Jennae Stevenson said. "No, I don't really feel like it will be that hard, because there's a lot of other parking lots around here to go park in."
Despite the parking concerns, Miller believes the hotel is nothing but a good thing for Overton Square.
"Growth is good in Midtown and redevelopment is good and a little bit of a growing pain like parking is something I'm sure will be figured out," he said.
On Wednesday, Overton Square was awarded a 15-year Community Builder PILOT to construct a 100-room boutique hotel, according to the Economic Development Grown Engine for Memphis and Shelby County.