Today Loeb Properties announced in a press release their plans to revitalize the old Sears Factory Outlet warehouse space at 2542 Broad Avenue and turn it into a mixed-use development totaling 44,500 square feet. The now vacant warehouse, originally purchased by Loeb in 1995, is across the street from the now vibrant, south side of Broad Avenue which is 100% occupied. Both sides of Broad constitute the Broad Avenue Arts District.
Initial renderings of the repurposing show the warehouse “hollowed out” in the middle for parking on what is now a warehouse floor. Surrounding the parking area will be retail, entertainment, restaurant and even office space for tenants with space needs from 1,700 square feet to 30,000 square feet.
“We have been in planning mode for the last six months, specifically addressing issues that come with converting a 70-year-old warehouse to a new use,” says Aaron Petree, VP of Brokerage for Loeb Properties. “In terms of tenants, there is already a diverse, eclectic mix of businesses on Broad, and we will target an equally diverse tenant roster. We are currently in negotiations with a few exciting prospective tenants in the fitness, retail, entertainment, and restaurant categories, and we are looking for other unique businesses to add to the mix.”
The 1940’s era loading dock of this warehouse is already home to the Water Tower Pavilion, managed by the Broad Avenue Arts District, which frequently hosts outdoor concerts, festivals, and food trucks.
“We are looking to continue the momentum and expand the funky energy of Broad Avenue, but in a style that pays homage to the building’s industrial roots,” Petree added.
Tom Clifton, Owner of T Clifton Art Gallery says,
It’s amazing to think that just six years ago, when we moved to Broad Avenue as the first retailer, that we would grow so quickly to what it is now. I have all the faith in the world that Loeb will develop the property in a fashion that has the same vibe.
David Brown, President of the Historic Broad Avenue Arts Alliance also says,
Loeb Properties has been a valuable partner to the Broad Avenue Arts District, as in other parts of the city. We expect this project on the north side of Broad to infuse new energy and excitement to our unique Memphis neighborhood.
Pat Brown, Vice-President of the HBAAA also told us,
I’m thrilled that Loeb is showing their commitment to Broad Ave and urban revitalization by investing in the North side of the street and activating that section that seems very authentic to the neighborhood.
This news comes as the RedZone, City and State, and Paggio’s Salon plan to open on Broad Ave in the next few months, and as the final phases of the Hampline project come to completion later this summer.
Paige Miller, Co-Owner and photographer at Found Memphis states,
We have been staring at the warehouse across the street and imagining the potential it had. We are so excited that Loeb is investing in Broad Ave. This will help our continued effort to draw more people to Broad and will open up so many opportunities for local businesses.
If you are interested in leasing a space at the future Warehouse spot, you can contact Aaron Petree by phone at 901-866-1127, or use the contact form online.