CA: Boutique hotel planned for College of Art on South Main
Another lodging option is planned for the Downtown market, with the conversion of the Memphis College of Art on South Main into a boutique hotel.
A Downtown board on Wednesday waived a clawback requirement of a $200,000 grant for Memphis College of Art’s graduate school at 477 S. Main when it’s converted to a 66-room boutique hotel.
The Center City Development Corp. action cleared the way for the property’s sale to a California developer whose name wasn’t disclosed.
The college won the grant in 2010 as part of an incentive package to bring its graduate programs to South Main. The grant helped to fix up the old building’s exterior.
The college is returning graduate programs to Midtown next year.
The grant agreement said it had to be paid back if the college left before 15 years. College attorney Henry Doggrell said the provision was designed to keep the building from being left vacant.
Downtown Memphis Commission president Terence Patterson said the waiver was in the best interest of the neighborhood.