MBJ: Belz pursues new mixed-use near Orpheum, Beale St.
A new mixed-use commercial development is in the works for the Tri-State Bank property next to the Hard Rock Cafe on Beale Street.
Belz got initial approval in Memphis City Council committee, Tuesday, Aug. 9, to remove old zoning and development restrictions on the property at the corner of South Main and Beale.
“Essentially, this would allow the developer to build on this property,” said Paul Young, director of the City of Memphis Division of Housing and Community Development.
Now that the property has been resold, development interest requires the removal of the Urban Renewal Area restrictions.
“The old rules really don’t contemplate the type of urban development we want to engage in in Downtown Memphis. Getting rid of the old rules allows new rules to apply,” said Nathan Bicks, member of Burch, Porter & Johnson PPLC, the firm representing Belz.
Belz is actively developing the property and anticipates a multi-use development with commercial and/or residential uses, Bicks said.
In an interview with the Memphis Business Journal in January,Jesse Turner Jr., president and CEO of Tri-State Bank, said the bank would likely relocate to a smaller space, compared to its current South Main headquarters.
With the financial industry becoming more and more automated, the new location would likely have a smaller footprint and be nearer to where its customers are, Turner previously said.
Belz has already held a public meeting, received approval from surrounding property owners and received unanimous approval from the Memphis Housing Authority board. The zoning removal must now be approved by the Memphis City Council.