Proposed Hotel In Overton Square Passes Key Hurdle

MEMPHIS,Tenn (localmemphis.com) - Hotel rooms could be returning to Midtown Memphis for the first time in years.

Wednesday afternoon, the economic development group EDGE awarded $6.1 million in tax incentives to Loeb Properties to build a hotel in Overton Square.

The four or five-story hotel would include a rooftop restaurant and be built on an existing parking lot at Cooper and Trimble.

Supporters believe the hotel will solidify Overton Square as a regional hub for the arts and complement existing theaters, music venues and the recently opened Ballet Memphis.

Bob Loeb, president of Loeb Properties, said Wednesday's approved incentives can get the Overton Square hotel project rolling.

 

“It’s a big step, it’s still not a done project but it’s big step in the right direction,” Loeb said. “Our next steps are to pick a brand, between a Hilton and Marriott brand that we’re shopping and then put together a team of architect, designer, contractor and keep moving down the path.”

If things go as planned, construction would start next fall and the hotel would open in the fall of 2019.


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