Overton Square



illustration courtesy Looney Ricks Kiss

Why it Matters:

“Overton Square is the heart of Midtown, surrounded by many wonderful cultural assets like Playhouse on the Square, Overton Park and the Memphis Zoo, Rhodes College, and Memphis College of Art. Overton Square will be a place where arts of all forms are celebrated and promoted; where you can shop, work, dine, and be entertained in the heart of the city.”
— Bob Loeb, Loeb Properties

Stakeholders:

Loeb Properties, City of Memphis, Playhouse on the Square, Memphis Heritage, Hattiloo Theatre, Save Overton Square, Midtown Action Coalition, Malco Studio on the Square, numerous restaurateurs and retail owners

Leaders and Consultants:

Bob Loeb (Loeb Properties), Jackie Nichols (Playhouse on the Square), Ekundayo Bandele (Hattiloo Theatre)

Area Boundaries:

Court Ave., Cooper St., Monroe Ave., Florence St.

Area History:

Businesses have been open in Overton Square since well before liquor-by-the-drink was passed in 1969, when TGI Friday’s opened its first location outside Manhattan and the second in the world. The entertainment district proper was founded by four men in their mid-20s: James D. Robinson Jr., Ben Woodson, Charles Hull Jr., and Frank Doggrell III. Since its inception in 1970, many different retail businesses of all types have been open and continue to thrive.

Current Conditions:

Loeb Properties closed on the $7 million purchase of Overton Square in July 2012. The land totals eight acres. Four theaters and many other businesses and restaurants currently occupy the space, with several new additions scheduled for this year. Renovations are currently or soon-to-be underway for the new restaurants Local Gastropub and Bar Louie. A large parking lot off of Cooper will be turned into a $16 million parking garage and flood retention basin, as approved by City Council in June.

Ideal Situation:

Loeb Properties projects Overton Square to be fully open for business by fall 2013. A 450-space parking garage and flood retention basin and a new Hattiloo Theater will be completed in the large parking lot currently off Cooper.

How to Get to the Ideal:

“There’s been a lot of hype, but now it’s time for businesses who want to be part of Overton Square to reserve their spot. Interest has been high, and spaces are going fast.” — Aaron Petree, Loeb Properties

Current Funding Situation:

The City of Memphis is funding the construction of the $16 million public parking garage and flood retention basin; Loeb Properties is privately funding renovations and construction of the retail buildings.

Funding Goal:

Future financing is privately invested by Loeb Properties.

Jobs Created:

Loeb Properties, Looney Ricks Kiss, archimania, Montgomery Martin Contractors, R&R General Contractors, Grinder, Taber & Grinder, Rainey Contract Design, SSR, and a host of other local firms would be utilized for planning, design, architecture, landscape design, engineering, and construction work.

How You Can Help:

“Continue to patronize the businesses in Overton Square over the next year: The more they thrive, the better case we can make for new tenants coming in.” — Aaron Petree, Loeb Properties

Contact:

For leasing, Aaron Petree, Vice President Brokerage, Loeb Properties, at 761-3333 or at aaronp@loebproperties.com.

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