One of Loeb Properties’ emphases (as well as some of our favorite work) is to rehab old buildings.
Loeb purchased 2126 Madison, the former Yosemite Sam’s building, last fall. Construction quickly commenced, and lease negotiations with a restauranteur are currently underway.
The building has its 100th birthday this year, having been constructed in 1912.
Tom Hayes, VP Construction, has some insights into the building’s structure and history:
From a location standpoint, with this building being a corner post of Overton Square we had to have it. I would characterize the condition of the building when we bought it as “dilapidated.” The building had significant structural problems when we purchased it, and we knew going in that the rehab would cost as much as the purchase price. My working concept has been a “rebirth,” because the building was at the end of its life.
Historically, I know that the building has been many things. Downstairs, it was a drug store originally, and several other commercial uses over time. It was also rental housing of various types and arrangements for decades. At one time, there were four apartments in the building, each having a coal fireplace. Oddly, it seems that the second floor may have been replaced at some point–the original joist pockets that would’ve held up the actual second floor are empty and the existing floor is located about a foot lower. Very interesting. From the 1960s on, it seems to have mostly been a bar of some type, with Yosemite Sam’s operating there for the last 42 years.
This building has good bones. It has a nice stature and was well-crafted originally. It has basic but pleasing design features on the exterior that have stood the test of time. Notwithstanding the structural repairs and having to replace the entire storefront, the exterior has all the elements of good design. We will just put a bunch of “shinola” on what’s there, leaving the building looking polished and reborn.
The structural issues were a tremendous challenge. One of the main support columns had sunk 7”, an inbalance which was obvious on every floor. We had to jack the center section of the building upwards that same 7” and replace the entire column from the bottom of the basement to the roof. Other parts of the bottom floor were entirely removed down to the bare dirt, then we poured new foundations and started over. Removing nine full-size construction dumpsters of contents out of the building was not necessarily a challenge, but definitely quite a job.
Give me a couple more months and we’ll be ready for another 100 years.
Here is a shot of the building on June 3, 2011, before Loeb began construction work:
Here is the building on November 30, 2011, while the storefronts and windows were being replaced:
Here’s a shot of the building January 25, 2012. You can see the new paint color scheme in the bottom right-hand corner.
We look forward to seeing the completed renovation and watching the way a new generation will utilize this building.
Loeb Properties President, Bob Loeb, has been traveling the Memphis civic club speaking circuit this winter, sharing his Overton Square presentation (which can be viewed here). After speaking at several Rotary meetings around town, as well as Lambda Alpha International, Bob made a stop at the Downtown Memphis Rotary chapter meeting this week to speak again about Overton Square.
Memphis Daily News covered how Bob incorporated the tenets of Rotary to his vision for the development:
Among the first of Bob Loeb’s comments when he addressed the Memphis Rotary Club Tuesday, Jan. 10, was that when his firm finishes the redevelopment of Overton Square, the hope is to pass the Rotarian Four-Way Test.
For Rotary, the Four-Way Test is the cornerstone of all action that asks the following questions: Is it the truth? Is it fair to all concerned? Will it build goodwill and better friendships? And will it be beneficial to all concerned?
“Our goal will be to pass the test when we finish this development,” said the president of Loeb Properties Inc. “It’s been a labor of love and we think that 2012 is going to be a lot more exciting than 2011.”
The Memphis Flyer‘s City Beat Blog covered the luncheon speech as well, noting Bob’s vision of the reborn Overton Square being more family-friendly than its famously wild ’70s-era past.
“We’re not bringing Billy Joel back,” Loeb told the Memphis Rotary Club Tuesday. “Our plans are relatively modest. We’re rehabbers. We love old buildings.”
He gave an overview of the project that managed to whet appetites for a revived Overton Square while tamping down expectations a bit. The space, he noted, is “not that big” but the project seems bigger and more expensive — pushing $20 million — because of the partnership with the city on a floodwater detention basin and parking garage. Developers believe $4 a gallon gas will lead to inward migration and a more vibrant Midtown.
In addition to Overton Square, the blog post also discusses the nearby Sears Crosstown project.
Memphis Mayor AC Wharton discussed Overton Square recently at a Kiwanis Club meeting; Andy Ashby writes about it on the Memphis Business Journal blog:
Wharton also defended the city’s recent decision to invest $16.5 million in a parking garage and water detention basin in Overton Square. Some have criticized him for focusing on some parts of the city while neglecting others. He repeated something he told a Cooper-Young resident who challenged him on the Overton Square deal.
“All these areas of the city are my children,” he said. “I love all my children. I’m not going to pit Overton Square against Cooper-Young, Cooper-Young against Beale Street, Beale Street against Germantown Parkway. The secret is that if one prospers, they all prosper. When you see the grand plan we have to pull all of those areas together, you will see that we don’t have to shun one part of town to develop another part of town.”
At the aforementioned Rotary meeting, Bob Loeb discussed this idea of Overton Square and its programming bringing something different to the table…not poaching on what Beale Street or Cooper-Young are about, but filling its own niche for Memphis.
