Memphis’ tallest building is about to have new owners — in about 45 days, give or take.
On Wednesday, the Downtown Mobility Authority, an affiliate board of the Downtown Memphis Commission (DMC), approved a purchase agreement for 100 N. Main.
Developers 100 N. Main LLC will purchase the entire 2-acre property (and 37-story tower) for $4.5 million. The existing parking garage will be transferred to Center City Revenue Finance Corp., an affiliate board of the DMC. Per the agreement, the development team will pay a $500,000 down payment for the property. The remaining $4 million will converted into a five-year, small interest loan (with a 1% interest rate). The developers will have 45 days to make the down payment and the loan’s balloon payment will activate at 60 months or if refinancing is necessary.
“This is a really good compromise,” DMC Chief Operating Officer Brett Roler said. “There are not many $300 million projects happening in Downtown Memphis right now… this represents a win-win for all (parties) involved.”