One Beale Condo Project (Memphis: real estate, 2009, condos)

[jjbradleynyc]

Is this project still under way/proposed?

I read last year that Hyatt Regency was signing on as the hotel, and it was to be 2 towers. However, when researching news about the project today, an article popped up from May of 2008, stating one tower had been scrapped, and now there will be a solo tower, but taller.

Given the state of financing and real estate in general, is this project still going to begin construction in 2008 for Memphis?

[Pearlbob]

If it was supposed to be the address 1 Beale (ie, where Wang's used to be) then it sure hasn't gotten started yet

I remember seeing their website a long time ago, but I have not heard about it since. I tend to think it's not going to happen, given the market right now and the massive amount of condos downtown that are still unsold.

[jjbradleynyc]

Originally Posted by Pearlbob

If it was supposed to be the address 1 Beale (ie, where Wang's used to be) then it sure hasn't gotten started yet

I remember seeing their website a long time ago, but I have not heard about it since. I tend to think it's not going to happen, given the market right now and the massive amount of condos downtown that are still unsold.

Yeah, my bet would be it won't be totally scrapped, but just on hold for the rest of this year. Apparently, they've already started selling the units, and I was reading that it was approaching 50% sold in the late spring. That's when the housing market was on a true nosedive and they scrapped the 2nd tower. I think since the Hyatt is already involved, the project will still proceed, but it may be months--to early 2009 before it breaks ground with the one tower. At least I hope so. It looks like a great project for Memphis.