Costs rise for 100 North Main, but project ‘on track’

MEMPHIS, Tenn. — The cost to renovate Memphis’ tallest building has risen by $38 million over the past few months, but downtown officials say progress at 100 North Main remains “steady and on track.”

Developers hope to purchase the site from Downtown Memphis Commission in the next 45 days, at a cost of $4.5 million, DMC documents state.

A local, private development team has spent millions since early 2023 cleaning out and demolishing the interior of the 37-story office tower, according to DMC documents. The work includes removal of lead paint and asbestos.

“Since November 2023, the estimated project cost has increased by 14%, from $271.4M to
$309.8M,” DMC staff stated, blaming the increase on a challenging capital market and continued escalation in costs for material and labor.

The renovation has received a 30-year Payment in Lieu of Taxes agreement.

The 100 North Main building is planned as a mixed-use development. In an application filed in February, developers stated the building would contain:

• Four-star, full-service hotel with 160 keys and meeting space
• Parking garage with 378 spaces
• About 11,000 sq. ft. of retail and commercial space
• Around 200 apartment units
• 80,000 sq. ft. of office space
• Amenity space with a rooftop pool and deck, an outdoor bar and lounge, and an events
  lawn.

The 100 North Main Building was built in 1965. It has been vacant since 2014 and was added to the National Register of Historic Places in 2015.

The DMC is set to discuss the project at its meeting Wednesday.

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