Looking for a spirits distillery and tasting room to try out some new liquor? Old Dominick will open to the public in fall 2015 in the 54,297-square-foot, 1920s-era warehouse at 301 S. Front St., across the street from Gus’s World Famous Fried Chicken, and it will be a $5 million spirits distillery and public tasting room in Downtown Memphis.
The distillery will do more than just offer a new spin on alcohol for the city, it will also help people living in Memphis searching for employment. Initial hiring estimates call for 20-35 full and part-time employees, the release said. The distillery and tasting room facility is being designed by LRK and built by Archer Custom Builders.
The facility will be used as the production and bottling facility of a portfolio of ultra-premium distilled spirits, according to a release. The distillery will begin operating late next summer. Moving to Memphis and looking for employment in the food & beverage industry? This might be the perfect fit for you!
Every other day, seems like a new developer is looking to build apartments or retail in the South Main community of Downtown Memphis. Several new projects are under development in the neighborhood to keep up with the demand in the area, such as The Horizon, which is one of the biggest projects coming to the area. The Horizon is a 16 story condo tower that is currently up for sale, and another development firm is planning 90 high end units that will be located near the South Main Farmer’s Market and across from the Florida Street South Junction complex, which contains 197 residential units and is also new, with earlier move-in dates that were planned for May.
The new complex doesn’t have a name yet, although “South End” is being considered, according to insiders. The design, the mix of bedroom sizes and the rent spread have all yet to be determined, meaning that another undetermined factor is the project cost.
The South Main Arts District in Memphis, Tennessee makes up the southern portion of Downtown Memphis. It is located along South Main Street. On the last Friday of each month, an event called “Art Trolley Tour” is put on by the owners of the South Main Memphis businesses and art galleries. From 6-9 p.m., this includes free MATA trolley service up and down Main Street, open art galleries, and longer hours for most area shops and restaurants. As the area continues to grow, the South Main part of Memphis will be increasingly desirable for work, play, and living. Moving to Memphis? This neighborhood might be just what you are looking for!
There is some exciting news for Memphis commercial moving in the area, especially for southern food fans. The famous restaurant chain Hard Rock Café is moving its Memphis location to the other end of Beale Street, and the current location will be filled by the popular Nashville-based bar and restaurant Tin Roof. Tin Roof has subleased the 11,000 square-foot building at 315 Beale St. and is planning a “substantial” renovation ahead of an opening late this year, according to local real estate insiders. The sublease is not anything to scoff at either, with current documents showing that Tin Roof has committed to the location through 2034.
So where is the Hard Rock moving to exactly? The Lansky Bros. building at 126 Beale, which is 24.512 square feet. The building will house the restaurant, as well as a Lansky clothing shop, and maybe even the Memphis Music Hall of Fame, as the city has approached the chain about making the museum adjacent to the Hard Rock. The new location is anticipated to open July 3rd.
This Beale Street location of Tin Roof, which is the first in Memphis, joins the chain of 13 locations throughout the US.
When it comes to real estate in the Memphis area, industrial vacancies are becoming hard to come by. Current vacancy in the Memphis real estate industrial market fell to 10.8 percent, the lowest point since early 2000. Class B spaces of 20,000 to 110,000 square feet are seeing strong activity due to expansions and new companies coming to Memphis. As far as industrial absorption, the CBRE Memphis reports it is at 897,829 square feet, a large portion of which is attributed to the construction of a 541,980-square-foot, build-to-suit, flagship distribution center for Home Décor and Jimco Lamps at 699 Research Drive. According to these findings, searching for industrial space and commercial warehouse areas in Memphis is becoming an increasingly difficult task for companies in the area looking to switch up office space, or outside companies looking to come to the region.
And for the office absorption? There are 54,989 square feet, making this past quarter the third straight one for positive absorption. Memphis vacancy rate for offices fell to 13.8 percent, marking the first time in 10 years that it has fallen below 14 percent. If you are looking to lease office space in Memphis, it is better to act sooner than later, as available space is quickly depleting from the available inventory on the local market.
The freight company ArcBest Corp. might acquire ABF Freight, according to BizJournals, in a move that would pull a part of ABF out of Arkansas and into Memphis. The move would mean that 420 jobs in the Arkansas facility would move to Memphis, according to current employees at the company. While no official decision has been made yet, the option has been discussed with employees and there is also a potential discussion to keep some jobs in Arkansas and move only some to Memphis. The company plans to retain a small number of employees, about 20 or so, in Little Rock to handle city deliveries, according to insider reports.
So what does this mean for the Memphis job market? Not much in terms of new positions opening up. The company, which will offer most of the positions to current employees, is expected to seek incentives shortly in Tennessee, Mississippi, or both before making a final decision at the end of June on its location, according to the employees, who spoke on the condition of anonymity.
However, it is likely that the trucking terminal will be moved to Memphis, which would create some job opportunity, though the required amount of space doesn’t quite exist in the local industrial market.
The number of construction, mining and logging jobs in the Memphis area fell 3 percent to 19,400 in March from 19,900 in March 2013, the Associated General Contractors of America reported. Memphis was not the only Tennessee market to lose jobs—Chattanooga was the only other metro to report a drop in employment – a 3 percent decline, giving it the same rank nationally as Memphis. As far as actual jobs, the 3 percent gap equates to about 500 jobs, bringing the Memphis number of construction, logging, and mining jobs to 19,400.
Memphis’ job loss rate was the 289th worst of 339 U.S. metros – an improvement in the rankings from January. The rest of the state saw an average construction employment increase of 4 percent. Thinking of moving to Memphis and working in the construction industry? Now might be a tricky time to move and search for a job, but if you have work lined up it might be worth the relocation.
Commercial real estate sales had a strong month this past March, supporting the trend of a successful quarter for commercial sales as well for 2014. The 208 sales in the first quarter were up 6.l percent from 196 sales in the first quarter of 2013. Commercial sales volume for the quarter was $319.6 million and the average sales price for a commercial property was $1.53 million, with an average price per square foot of $38.34. That compares to sales volume of $254.9 million and an average sales price of $1.3 million in the first quarter of 2013. Commercial real estate in Shelby County is still riding a wave of momentum from the tail end of 2013 that is still going strong into 2014.
Shelby County recorded 99 commercial sales in January, which was up 10 percent from 90 in January 2013. Commercial sales were up 12 percent in February, with 48 sales recorded compared to 43 recorded in February 2013. Shelby County recorded 61 commercial sales in March with a total sales volume of $115.1 million and an average sales price of $1.88 million, down 3 percent from 63 sales in March 2013. Shelby County recorded 829 commercial sales in 2013, the most commercial sales recorded since 2008. That number is predicted to be eclipsed by 2014, as long as the supply, demand, and momentum all remain intact.
The Greater Memphis area continued to lose construction jobs in January at a faster rate than most other U.S. metros. Memphis’ number of construction, mining and logging jobs fell 6.6 percent to 18,500 in January from 19,800 in January 2013, the Associated General Contractors of America has reported. In Tennessee, which struggled as a whole in January to create construction jobs, the Greater Nashville area had the best rank at No. 22 in the U.S.
As for Memphis, the slow efforts to rebuild the metro and recover from the housing crisis have been a detrimental process for the local economy. Issues like highways that need funding for remodeling are plaguing the city rather than pushing it forward. New construction in Memphis has slowed for now, but hopefully once the winter passes and the warmth returns there will be a renewed interest in buying, building, and selling.
While the struggle for a steady economy has been a rough toad, the Greater Memphis area unemployment rate fell in January at a faster rate than in Tennessee or the U.S., according to a new report by the Tennessee Department of Labor and Workforce Development. Metro Memphis’ unemployment rate fell to 8.4 percent in January from 10 percent in January 2013, with 49,860 people looking for jobs out of a labor force of 590,720. The report has been a positive take on the local economy and shows continued growth in Memphis.
Thinking of moving to Memphis? The growing stability of the employment sector should make you feel more confident in making the relocation a reality. See you in Memphis!
An office space in Cordova will transform into a call center that will provide 1000 jobs for local residents. The company leasing the building has not been revealed at this time, but the undisclosed company will lease some space in the 125,000-square-foot office building at 7000 Goodlett Farms, according to sources with knowledge of the announcement. The Cordova commercial movers have found that the rental rate for the building is $19.25 per square foot.
The employment opportunity for the Cordova area is exciting and will help tick away at the 1.97 percent unemployment rate that the area faces. We’re anxious to learn about the leasing company as it will help determine what candidates are right for the field based on industry.