The $267-million plan to convert the 100 North Main skyscraper into a mixed-use development will create hundreds of new jobs and give a “significant number” of minority and women-owned contractors a shot at being part of the Downtown building’s makeover.
Paul Young, president and CEO of the Downtown Memphis Commission (DMC), said that is the expected impact of the project, adding that minority- and women-owned contractors will be actively recruited to help make the renovation a finished product.
The Downtown Mobility Authority voted Jan. 19 to let the partnership of Kevin Woods and Billy Orgel redevelop of Memphis’ tallest building into a mixture of retail, office, hotel and multi-family apartment space.
The redevelopment team also includes Jay Lindy, Adam Slovis and Michael McLaughlin.
“Awarding the renovation of 100 N. Main to the 100 N. Main Development Partners was intentional and deliberate,” said Young. “We received 11 amazing proposals from impressive and experienced companies.
“But we wanted a local company, one that understood our vision to build Black wealth. Kevin Woods’ leadership in the project was a major deciding factor.”
The abandoned tower has sat blighted since 2015 when the building’s owner was ordered to enclose the building with a wall to ensure safety by the city’s Environmental Court. It was, instead, left empty and in a progressive state of disrepair.
DMC affiliate Downtown Mobility Authority purchased the structure for $10.75 million in March 2021, using funds for PILOT (payment in lieu of taxes) extension.
PILOTs are financial incentives designed to entice corporations to relocate to an area or invest in major projects, bringing or creating jobs and spurring economic development.
“It was important for the chosen company to really understand our vision for a more equitable distribution of lucrative inclusion for minority and women,” said Young.
“Only 25 percent is required to spend with minority contractors. But 25 percent is the floor, the starting point. We would love to see that number reach 40 to 50 percent.”
Young said Orgel and Woods conveyed the type of partnering city officials want to see demonstrated as the work gets underway.
“Billy Orgel’s business is providing nearly $268 million being allotted to the project,” said Young. “But allowing Kevin Woods to assume the leading role in managing the project was a huge factor in our decision-making.
“After several interviews, we were confident they understood and embraced our vision for diversity on this project. I am fully confident they are committed to it.”
After the 37-story edifice was purchased, the DMC staff created a Request for Proposals (RFP) Committee to solicit proposals from developers to compete for the refurbishing project.
“We were so excited to learn we had the winning proposal,” said Woods. “The very next day, we were meeting with our team of contractors and managers directly involved with moving the project forward.
“Minorities and women are encouraged to actively seek participation in the project. The opportunities are limitless for businesses who have not worked on projects of this scope. I am personally committed to diversity and inclusion on this project,” Woods said.
Orgel’s Tower Ventures owns more than 370 communications towers. Orgel has facilitated nine refurbishment projects, including the Tennessee Brewery.
Orgel credited Woods with assembling a winning collaboration of Lindy, Slovis and McLaughlin to design and submit the RFP.
The skyscraper, built in 1965, is on the National Historic Registry.
Renovations will include 180 to 210 apartments, a full-service hotel with around 200 rooms, 60,000 square feet City of Memphis office space, and a rooftop restaurant, pool, and retail space for hotel guests. A parking facility also is attached.
Young said plans for residential, hospitality and office space ensures the structure will be bustling with activity, even through the evening and early morning.
Of the 11 groups submitting proposals, only four were local. Six of 11 were chosen as finalists before the aptly named 100 N. Main Development Partners came out on top.
“We felt that local developers (who were) committed to minority investment as strongly as we were definitely the right choice,” said Young.
“Broadening the project’s reach for diversity really means everyone wins. Spreading the wealth doesn’t mean taking from someone else. Inclusion is equitable, and it is right to do.”
