COVER STORY, SEPTEMBER 2007

LOCAL FLAVOR
Developers are combining uses around area attractions.
Gardner Linn

Some cities in the Southeast are known for a certain thing that brings in visitors from around the globe: Memphis’s music scene or the International Speedway in Daytona, home of NASCAR’s highest-rated events. Other cities are branching out into new ways to attract tourists, like the return of baseball to Washington, D.C. in the form of the Washington Nationals. As the cities grow, thanks in part to these attractions, developers are turning to mixed-use to provide the accommodations and amenities that residents and guests expect.

ONE BEALE

When the wind storm dubbed “Hurricane Elvis” tore through downtown Memphis in the summer of 2003, it left a trail of destruction in its wake. But the city is bouncing back, as developers envision a new look for a new age on the legendary Beale Street.

“Out of the rubble arose the opportunity to build an iconic symbol signifying the revival and resilience of downtown Memphis,” says Chance Carlisle, Project Manager at the Carlisle Corporation. Carlisle is referring to One Beale, a $200 million mixed-use development slated to begin construction in spring 2008 and finish in fall 2010. The double-high-rise structure, designed by Hnedak Bobo Group, will indeed be iconic, as its abstract lighted glass tower shines like a beacon over the Mississippi River.

“From an outside perspective, visitors and residents will watch as One Beale’s distinctive architecture transforms the Memphis skyline,” says Carlisle. “Once inside, they will experience a smart balance of elegance and urban living amid the liveliness of downtown Memphis.” The centerpiece of One Beale will be the Hyatt Regency Hotel and Spa, which features the 25,000-square-foot Hyatt Pure Spa and Fitness facility, two restaurants, 41,000 square feet of meeting and ballrooms, and 250 guest rooms and suites.

In addition to the Hyatt Regency, One Beale will include 32,000 square feet of Class A office space and around 125 luxury condominiums totaling 350,000 square feet. “One Beale will bring a new style of urban living to Memphis, and will connect residential life with the music and entertainment of downtown and the riverfront,” says Carlisle. “We have seen significant interest from Baby Boomers downsizing from their suburban estates, as well as mature professionals looking to take full advantage of the excitement and amenities of downtown, urban living.”

Hurricane Elvis may have destroyed some of the downtown Memphis landscape, but it couldn’t erase the city’s history, and projects like One Beale are honoring that history while looking forward to the future.

HALF STREET

With Washington, D.C. a baseball town again, developers are taking steps to capitalize on the opportunities presented by the new team, and to provide local and visiting fans the accommodations and amenities they desire to enhance their gameday experience.

“Monument Realty kept a close watch on the city’s baseball initiative over the years, and moved quickly as new stadium plans were announced,” says Natasha Stancill, Monument’s corporate marketing manager. “The firm is creating a destination neighborhood that will be full of energy and excitement on game days, as well as any other day of the year.”

That destination is Half Street, a multi-phase mixed-use project north of the stadium in the Ballpark District, a planned 60-acre mixed-use area. Phase I of the Half Street project is already underway, with completion anticipated in April 2009. The project, located on the east side of Half Street between M and N Streets, comprises four buildings that will house 320 multifamily residential units, 275,000 square feet of Class A office space, 50,000 square feet of retail space, and a 200-room boutique hotel. Future phases will occupy the west side of Half Street, and will likely include a similar mix of uses.

Half Street is expected to attract a variety of tenants for its residential, office and retail components, creating a vibrant community in what Stancill calls “the hottest new neighborhood in D.C.” And, of course, those tenants will enjoy immediate access to the new ballpark.

“Half Street is truly the gateway to the stadium, as many passengers will utilize the metro and have to walk down this development to the main entrance of the stadium,” says Stancill. “The mix of office, residential, hotel and retail components creates a lively urban corridor.”

Monument is joined on the Half Street project by investment partners MacFarlane Partners and Lehman Brothers, and architects Davis Carter Scott, Gensler 585, and Shalom Baranes Associates. It represents a bold new step for the company. “This project enables us to really roll up our sleeves and apply all our skills and market knowledge on one spectacular new development,” says Monument Principal and Co-founder Jeffrey T. Neal. “For the Monument team, it really has become our field of dreams.”

DAYTONA LIVE!

Daytona Live! is being built around Daytona International Speedway in Daytona, Fla.

Eight million people visit Daytona Beach, Florida every year, and a good portion of those come for one reason: NASCAR races at the Daytona International Speedway. NASCAR fans come from all over the country and the world to watch the sport’s highest-rated events in the NASCAR Nextel Cup Series and NASCAR Busch Series. With the city’s identity so closely related to NASCAR, and interest in the sport showing no signs of stopping, the time is right for a project to bring the Speedway and the community closer together.

That project is Daytona Live!, a joint venture between International Speedway Corporation and Baltimore-based developer The Cordish Company (which has had previous success by partnering with sports organizations for projects like the NASCAR Sports Grille in Orlando, Ballpark Village in St. Louis, and Woodbine Live! in Toronto). Daytona Live! is a $400 million mixed-use project directly across from the Speedway, just off I-95, that will include retail, office, entertainment and residential space as well as a hotel. It is expected to significantly add to the range of options available to Daytona Beach residents and visitors. “Daytona Beach has long been an underserved market from the types of uses planned for Daytona Live!” says Kimber Goodwin, Director of Marketing and Public Relations at The Cordish Company. “Daytona Live! will increase the visitation and appeal of Daytona by offering a 365 –day attraction venue. The complex will feature extensive dining, shopping and entertainment offerings that will draw local and regional patrons year round.”

The project, which is expected to break ground in January 2008, will include 200,000 square feet of space for retail, dining and entertainment venues; a 71,300-square-foot movie theatre with 14 screens and 2,500 seats; 221,000 square feet of office space (200,000 of which will serve as the new home of NASCAR’s national headquarters); a 120,000-square-foot hotel; and a 450-unit residential component. “Daytona Live! will embody the energy and theater of bustling street life,” says Goodwin. “It will transform from a thriving lunch and shopping destination during the day to a unique and exciting dining and entertainment experience in the evening hours.”

©2007 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.