Tom Bailey reports on Anna Holtzclaw, the Overton Square Promotional Director, and her presentation to the Memphis Chapter of PRSA (Public Relations Society of America) this past Wednesday.

Loeb Properties figures it’s going to take more than a new parking garage and renovated buildings to make Overton Square a success after construction is complete in the third quarter of 2013.

Success requires the square to be different, Anna Holtzclaw told the local chapter of the Public Relations Society of America on Wednesday. She’s Loeb’s promotional director for Overton Square.

Staking out an “arts district” theme on the retail and dining space goes only so far in distinguishing the place. After all, Memphis has a bunch of arts districts.

In branding the redeveloped Overton Square, Loeb aspires to inject art and even a little theater in the common occurrences of shopping and dining, Holtzclaw said.

Sarah Baker of the Daily News caught up with Loeb Properties president Bob Loeb, to get an update on the overall Overton Square redvelopment. Bob discussed the vacant buildings on the north side of Madison, and the goal of leasing them completely by the end of 2012. The first lease in this area was announced several weeks ago, as Local Gastropub is taking over the former Yosemite Sam’s building at 2126 Madison.

They discussed the new Overton Square logo (above):

With Overton Square’s physical changes comes a new logo from Red Deluxe Brand Development. The design features a royal purple speech bubble with the words “Overton Square – Memphis – ” pointing to the words, “Be there.”

“A logo can communicate an emotion and a vibe and a feel that you can build on,” said Stinson Liles, partner with Red Deluxe. “Overton Square is going to be a pretty exciting place and a pretty active place where lots of stuff is always going on because the way they’re planning to program it.”

Local Gastropub will open in the former Yosemite Sam’s at 2126 Madison Ave., at the northwest corner of Madison and Cooper.   The 100-year-old, 5,826 square foot, two-story building housed Yosemite’s Sam’s for 39 years.  “It’s always been one of the gateways to Overton Square and that will continue with Local,” said Aaron Petree, vice president of leasing for Loeb Properties. Petree represented Loeb in the lease negotiations.

“We are excited to be part of this exciting vision for Overton Square,’’ Local Gastropub owner Jeff Johnson said. “Downtown is a destination and Overton Square will be, too.  I’m glad to be there from the beginning.”  Local Gastropub, now located at 91 South Main Street, will be replicated in Overton Square, featuring upscale food in a casual, pub-like setting. 

The Overton Square site for Local Gastropub has undergone “significant renovation,” according to Tom Hayes, vice-president of construction for Loeb Properties. “The building had major 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 functional life, but it had good bones and given its history, it was worth saving,” he said.

Matt Prince, senior vice-president of Loeb Properties, said the contract with Local Gastropub is the “first step in an effort that will not only revive Overton Square but surpass our memories of it.”   Loeb Properties will invest about $20 million to revive the arts & entertainment district and Overton Square’s footprint to about 115,000 square feet, including the redesign of existing buildings and construction of new buildings. 

Local is an important and symbolic tenant for Overton Square, said Prince, because “it’s a local company with local ownership and that was, and will continue to be, an important part of the district’s personality and vibe.”  He said Loeb Properties is encouraged by the enthusiasm and the interest of retailers and restaurateurs in leasing opportunities in Overton Square.

“We see Overton Square as the linchpin between Overton Park and Midtown, capitalizing on the hundreds of thousands of people drawn there by Playhouse on the Square,’’ said Prince. “With the relocation of Hattiloo Theater to the Overton Square arts & entertainment district, the number of theater-goers will only grow,” said Prince.

Loeb Properties owns and manages a portfolio of more than two million square feet of retail, office, multifamily and industrial properties in Tennessee and Mississippi, and is the largest developer in the Midtown area.   

Press for this story:

Commercial Appeal

Memphis Business Journal

Daily News

Memphis Flyer

ABC 24

WMC 5

The six-year-old black repertory theater has outgrown its current playhouse on Marshall, and plans a one-story, 10,000 square foot theater with a $2.5 million budget. Commercial Appeal has the story…

Bandele has charged archimania to create a building that:

Commands a street presence befitting a building that is not just a theater, but the only freestanding black repertory theater in a six-state region;

Knits together the races — flexible seating will be configured so audience members see each other;

Has a timeless style that endures and is formal enough that theatergoers will want to dress up;

Has spaces in the lobby and outside that can be rented for functions such as meetings and weddings.

(Archimania’s Barry Alan Yoakum (left) and Todd Walker (right) are planning a bold look for Ekundayo Bandele’s Hattiloo Theatre in Overton Square. photo by Jim Weber for the Commercial Appeal)

We are excited to be a partner with Hattiloo Theatre and their vision for Overton Square!

1.        Overton Square is the literal and figurative heart of our city, where so many great Memphis neighborhoods intersect.  Its rebirth will have a tremendously positive impact on Tucker-Jefferson, East End, Evergreen, Central Gardens, Idlewild, Lenox, Cooper-Young, and all of Midtown.

2.       Mention “Overton Square” to pretty much any Memphian of any age, and they will have a memory or a story for you: seeing Billy Joel at Lafayette’s Music Room, enjoying a cup of coffee at Burkle’s Bakery, celebrating an anniversary at Paulette’s, spending a long summer evening on the patio at Boscos Squared, or being one of the first people in Memphis to see a new independent film at Studio on the Square.  The future of Overton Square is now brighter than ever, with new businesses and organizations getting ready to create indelible memories for a new generation of Memphis families.

3.       The developments that will be taking place on what is now a parking lot give us the opportunity to do something truly exceptional in the way of creating a dense, vibrant, walkable district.  We’re presented with a fabulous opportunity to set a new standard of excellence for urban design in our community, and Memphians have every reason to be excited about what will be coming.

4.       Overton Square’s resurgence reflects the hard work, faith, excitement, and participation of so many terrific people and institutions coming together.  Playhouse on the Square’s new performing arts complex is outstanding.  Boscos Squared, Studio on the Square, YoLo and the many other businesses in the district are booming.  Great new developments are happening on Broad Avenue to the east and all the way down the rest of Madison Avenue.  With every passing week, more people are investing their time, talents, and resources in our city’s vibrant core, rediscovering the many opportunities and experiences that await them.  The new phase of Overton Square is living proof of that momentum.

5.       The strategic decision to make the arts such a prominent part of Overton Square’s identity is so fitting, not only because of the proximity of the theatres, but because individuality and self-expression are what Memphis is all about.  Overton Square will be an area overflowing with live performances, music, and murals, constantly bubbling with the kind of creative energy that the arts produce.  It will be a district of singular significance in a city that is directly responsible for so much of America’s culture. 

I can’t wait to see what comes next for Overton Square, for Midtown, and for all of Memphis.

(Loeb) showed photos of blank building walls where murals can be painted and common spaces where sculptures can be placed.

Rob Norcross of LRK Architects, which is leading the planning/design for Loeb, even suggested the mammoth sides of the parking garage could be a space for monumental art.

Loeb hopes most of the incoming restaurants will offer live music. The Square could have weekly or monthly artist markets, he said.

Do you have any ideas about art that would make Overton Square a special place? Shoot an email to overtonsquare@loebproperties.com.

We’d also appreciate your feedback on what you’d like to see at the new Overton Square; please complete the survey at this link.

After you’ve completed the survey, there is an opportunity to sign up to receive Overton Square updates via email.

As a neighborhood stakeholder and Midtown enthusiast, we wanted to check in with June to ask her “Five Reasons Overton Square Revivial Will be Good for Midtown.”

1.      There will be new vitality from the new retail and restaurants, bringing more people and more economic impact to Memphis.

2.     The re-imagined Overton Square will give Memphians a true Heart of the Arts district, combining theater, music, and art galleries in the center of the city. There will be something enjoyable for everyone and I predict Overton Square will anchor one of the fastest growing and most popular neighborhoods in Midtown Memphis and will serve as the vital link between Broad Street, Overton Park and Cooper-Young.  It’s a Midtowner’s dream.

3.     Overton Square will bring new life block-by-block to one of Midtown’s most important neighborhoods. The natural ripple effect will be seen in property values. And who wouldn’t like that?

4.     Overton Square’s new development will prove to naysayers, especially developers,  that Memphians are drawn to historic neighborhoods that give them what they want: beautiful design, authenticity, and exciting quality to life.

5.     My favorite reason: Hey, those old buildings aren’t so bad. Matter of fact, they’re great!

photo source (June, on-site at Overton Square, Jan. 2010).

Here’s the question: I’m looking for retail space and I don’t understand the lease rates. They’ll say $10.00 per square foot, for example. I see NNN after the psf sometimes, what’s that all about?

NNN = triple net lease.  This means that in addition to base rent (which is usually quoted as per square foot per year), the tenant will also pay his/her prorata share of the property’s real estate taxes, insurance, and common area maintenance expenses.  

For example, if the building consists of ten 1,000 sf spaces, each tenant would be responsible for 1/10 (or 10%) of the property’s real estate taxes, insurance on the building, and common area maintenance (also referred to as “CAM”–landscaping, parking lot cleaning, lighting maintenance, trash pickup, security, management fees, etc.).  These three categories (taxes, insurance, and CAM) correspond to the “triple” in triple net, or NNN.

This % is calculated using a fraction whose numerator is the tenant’s square footage , in this case 1,000 sf, with the total building square footage as the denominator, 10,000 sf in this example.  Because it is calculated this way, a tenant’s % share remains the same regardless of how many vacant spaces there are in a building. Or, in other words, existing tenants don’t have to pay vacant spaces’ share.

This extra charge is usually in the form of a monthly payment based on the property manager’s annual budget for these items.  Then, at the end of the year, the actual amounts are reconciled against what the tenant paid in (since these payments were based on an estimated budget).  If the actual amount ends up being more than what was estimated, the tenant owes the difference.  If it ends up being less, the tenant is refunded the difference.  If there is a large difference one way or another, or if the budget for the upcoming year predicts a significant change in these expenses, the tenant’s estimated payments may be revised to reflect the anticipated change, to avoid a large shortage or surplus at next year’s reconciliation.

Once the lump sum for the yearly expenses is projected, it’s divided by the number of square feet; then it can be quoted on a per-square-footage basis alongside the base rent, quoted as a per-square-footage-per-year basis.

Thanks, Aaron!

His Overton Square location has become a quick favorite in Midtown, filling a niche for local dessert hangout with a comfortably modern vibe. The Memphis pioneer of the self-serve yogurt shop, YoLo is our tenant in three locations: Overton Square, ErinWay, and Park Place.

Loeb: What has been your experience as a store in Overton Square?

Taylor: We have ten stores over three states, and our Overton Square location is by far the most dynamic and profitable. Our customer base is loyal and diverse and extremely willing to try new things; our Overton Square location is our testing ground for new ideas and products.

Loeb:  What do you think the impact of the plans for reviving Overton Square will be?

Taylor: It can only make things better for us. My vision is that Overton Square will become more than just a theater arts district. I envision it as a community center for Midtown and Memphis. I hope the development will entice businesses to open that serve customers all day long, not just for nightly entertainment. This would include yoga and other adult fitness users, and children’s activities such as dance, theater, martial arts, gymnastics, and rock-climbing walls. I worry that the current plan focuses too much on restaurants. While restaurants are vital, the fact is there are already almost a dozen in the area, and Cooper Young has another dozen less than a mile away with other restaurants. There is a saturation point.

Loeb: How has your business been since you opened?

Taylor: Our business started strong and has remained so.

Loeb: What would you tell other retailers who might be considering Overton Square?

Taylor: OS has the perfect mix – central, convenient location and historic charm. People live near it, and they like to go there because it feels good. If you build it, they will come.

Loeb: What do you think Overton Square will be like in 5 years?

Taylor: I hope it becomes the beating heart of Memphis, a gathering spot for all of the city, radiating out to the rest so that Memphis can become the type of destination city it deserves to be.

Thanks so much, Taylor, for your insightful answers and for the contribution YoLo is already making at Overton Square.

Here’s what he came up with:

1. Great restaurants in walking distance to the theatre. Park once.

2. Centrally located for those living out east or downtown.

3. Midtown has a great history of new and exciting theatre created of, by, and for Memphians.

4. Other great cultural opportunities surrounding the Theatre District, such as the Brooks, Levitt Shell, the Zoo, Memphis College of Art…

5. Safe, well-lit parking; this will be even better after the new garage is built.

Thanks, Jackie!

On this date, February 22, back in 1980, the “sidewalk cafe” at TGI Friday’s opened, allowing for outdoor dining at the popular restaurant.

Photo from the Commercial Appeal.