National financial crisis affects Downtown Memphis

According to an article in the CA this morning, the nation financial crisis has changed the One Beale project, to be built at the foot of Beale at Riverside.  The project was slated to be a high-rise hotel, condos, and office space, with condo owners enjoying the same concierge service hotel residents would receive.  However, the recent financial downtown, that project now appears to be much riskier, without much promise of additional return.  Therefore, the developers had no choice to scale the project back.

The project will be instead built in phases, with a low-rise, limited-service hotel as the first phase – developers are confident there’s demand for it now.  Phases two and three will be the fully-realized Hyatt Regency Memphis, with amenities such as a 10th floor pool and sundeck; and almost 30,000 sf of office space.  Although 25 of the 66 condo units pre-sold, the residential units won’t be built until Phase 4, and it is unknown at this time whether they will be condo or rental units.