MEMPHIS, Tenn. (localmemphis.com) - The City of Memphis says a joint venture plans to redevelop the vacant 100 North Main building into a convention center hotel.
The city released the information on the redevelopment after leader say Loews Holding Corporation and THM Memphis Acquisitions, LLC signed a letter of intent for the property.
The following is the release from the City.
The administration of Mayor Jim Strickland and a joint venture between Loews Hotel Holding Corporation and THM Memphis Acquisitions, LLC have entered into a letter of intent to redevelop the 100 North Main building and adjacent properties into a convention center hotel and auxiliary developments.
Mayor Strickland signed the letter today. The City and the joint venture will work toward completing a formal agreement in the coming months.
“This project, if realized, would be two major steps forward — both with a new convention center hotel and the reimagining of a historic property,” Mayor Strickland said. “This could represent a major investment in Downtown — which means a major investment in all of Memphis with new jobs and more economic growth from which all Memphians will benefit. I’m eager to work with these partners to make this a reality.”