Peabody Place is a mixed use residential, retail, and office redevelopment project located in
Downtown Memphis, Tennessee
Downtown Memphis, Tennessee is the central business district of Memphis, Tennessee and is located along the Mississippi River between Interstate 40 to the north, Interstate 55 to the south and I-240 to the east, where it abuts Midtown Memphis.
It ...
that covers eight city blocks.http://www.belz.com/shopping/peabodyplace.aspx Web Site of Developer (Belz Enterprises, Inc)
Development
The development was planned for years, and the first building was to appear in 1993.
In 2012 the Economic Development Growth Engine (EDGE) announced that it would establish its headquarters in the Tower at Peabody Place, taking about of space on the 11th floor.
Muvico
Muvico Theaters was a movie theater chain headquartered in Fort Lauderdale, Florida.Jillian's, and
Tower Records
Tower Records is an international retail franchise and online music store that was formerly based in Sacramento, California, United States. From 1960 until 2006, Tower operated retail stores in the United States, which closed when Tower Recor ...
; other chain stores, such as
Ann Taylor Ann or Anne Taylor may refer to:
* Ann Taylor (writer, born 1757) (1757–1830), English writer
*Ann Taylor (poet) (1782–1866), English poet and children's writer, daughter of the above
* Ann Taylor (actress) (born 1936), British actress, hostess ...
and Gap joined. While it was initially successful, the excitement quickly fizzled out and the enclosed mall proved to be unable to compete with more convenient suburban alternatives in more affluent neighborhoods that were perceived as safer, due to their
demographics
Demography () is the statistical study of populations, especially human beings.
Demographic analysis examines and measures the dimensions and dynamics of populations; it can cover whole societies or groups defined by criteria such as ed ...
. The Jillian's was a , three-floor entertainment lounge.Paz-Frankel, Einat. "Peabody Place retail in flux." '' Memphis Business Journal''. January 13, 2008 2 Retrieved on June 4, 2013. Tourists visiting Downtown were also not particularly interested in visiting a mall that had stores similar to those available in their hometowns, so that clientele did not materialize either.
Over several years, most of the stores in the indoor mall were closed. A few were replaced by new establishments, such as Encore restaurant, and Primetime Sports Bar, but those were also unable to gain traction and eventually closed also. While the rest of Peabody Place and the Downtown area in general had been performing well, the enclosed mall failed. Many considered the fundamental concept of an enclosed mall to be somewhat antiquated by the turn of the 21st century and particularly inappropriate in dense urban areas, criticizing developer Belz Enterprises, a company historically specializing in suburban properties, for its seeming lack of urban expertise.
In late 2005 the Encore Restaurant and Bar opened at 150 Peabody Place.Ashby, Andy. " '' Memphis Business Journal''. September 24, 2009. Retrieved on June 3, 2013. In November 2006 Muvico closed eight of its screens. Afterwards,
Ann Taylor Loft
Ann Inc. is an American group of specialty apparel retail chain stores for women. The company headquartered in New York City and currently operates as a subsidiary of Ascena Retail Group. The stores offer classic-styled suits, separates, dre ...
moved from Peabody Place to
Germantown, Tennessee
Germantown is a city in Shelby County, Tennessee, United States. The population was 41,333 at the 2020 census.
Germantown is a suburb of Memphis, bordering it to the east-southeast. Germantown was founded in 1841 by mostly German emigrants. Th ...
(closer to its main customer base),
Tower Records
Tower Records is an international retail franchise and online music store that was formerly based in Sacramento, California, United States. From 1960 until 2006, Tower operated retail stores in the United States, which closed when Tower Recor ...
Isaac Hayes
Isaac Lee Hayes Jr. (August 20, 1942 – August 10, 2008) was an American singer, actor, songwriter, and composer. He was one of the creative forces behind the Southern soul music label Stax Records, where he served both as an in-house songw ...
Restaurant closed, and since then the Sports Avenue store sales figures had significantly decreased.Paz-Frankel, Einat. "Peabody Place retail in flux." '' Memphis Business Journal''. January 13, 2008 1 Retrieved on June 4, 2013. The Jillian's had higher sales in 2007 than in 2006, and Owen Reed, the assistant general manager, said that business was robust especially while games occurred at the
FedEx Forum
FedExForum is a multi-purpose arena located in Downtown Memphis, Tennessee. It is the home of the Memphis Grizzlies of the NBA and the NCAA Division I men's basketball program of the University of Memphis, both of whom previously played home ga ...
and while concerts took place in Downtown Memphis. Reed said "We dictate the volume at this mall. With the exception of the movie theater, we define foot traffic."
By January 2008, the second floor of the retail area was almost entirely vacant, and Sydnie's Gifts and Walson's Jewelers announced that it was closing. The Muvico theater was scheduled to shut down by the end of March 2008. Belz considered converting the Muvico space into a hotel lobby, a meeting space, and 160-170 hotel rooms. In June 2008 the Dan McGuinness Irish pub in the Peabody Place Retail & Entertainment Center announced it was moving to
Olive Branch, Mississippi
Olive Branch is a city in DeSoto County, Mississippi, United States. As of the 2020 census, the population is 39,711. Olive Branch is part of the Memphis Metropolitan Statistical Area, a region that consists of three counties in southwest T ...
, a nearby suburb. In July 2008, Belz announced plans to convert the former Muvico theater into hotel suites. It was not an expansion of The Peabody Hotel, but instead a separate hotel property. The idea was put on hold by the
late-2000s recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At t ...
Starbucks
Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. It is the world's largest coffeehouse chain.
As of November 2021, the company had 33,833 stores in 80 cou ...
in Peabody Place closed. In September 2009 the Encore Restaurant closed. In August 2010 the Primetime Sports Bar closed.
In February 2012, the mall officially closed to the public, while the untouched interior of the vacant mall was still visible from the street until June 2016.
In June 2016,
ServiceMaster
ServiceMaster Brands is an American privately held company owned by Roark Capital Group that provides residential and commercial services. Its headquarters are located in Atlanta, Georgia, after moving there in 2020 from Memphis, Tennessee.
Br ...
announced a relocation of its global headquarters to the former mall space, marking an end to years of vacancy.
Notable sights
Peabody Place covers a dense variety of spaces, ranging from the restored historic
Peabody Hotel
The Peabody Memphis is a historic luxury hotel in Downtown Memphis, Tennessee, opened in 1925. The hotel is known for the "Peabody Ducks" that live on the hotel rooftop and make daily treks to the lobby. The Peabody is a member of Historic Hot ...
to the
Center for Southern Folklore
The Center for Southern Folklore is an American non-profit cultural organization based in Memphis, Tennessee. Founded in 1972 by William Ferris and Judy Peiser, its mission is "to preserve, defend, protect and promote the music, culture, arts, ...
to the nationally recognized and modern street-level offices of the Red Deluxe Brand Development advertising agency. The area encompasses some two million square feet and is connected by skywalks, corridors and trolley stations.
Tourist attractions nearby include
Beale Street
Beale Street is a street in Downtown Memphis, Tennessee, which runs from the Mississippi River to East Street, a distance of approximately . It is a significant location in the city's history, as well as in the history of blues music. Today, t ...
,
FedExForum
FedExForum is a multi-purpose arena located in Downtown Memphis, Tennessee. It is the home of the Memphis Grizzlies of the NBA and the NCAA Division I men's basketball program of the University of Memphis, both of whom previously played home ...
AutoZone Park
AutoZone Park is a Minor League Baseball stadium located in downtown Memphis, Tennessee, and is home to the Memphis Redbirds of the International League and Memphis 901 FC of the USL Championship. The Redbirds are the Triple-A affiliate of Ma ...
. The project's new and restored historic buildings include a 15-story modern office tower, two apartment projects, two museums, and numerous restaurants.
In 2007, the
USA Today
''USA Today'' (stylized in all uppercase) is an American daily middle-market newspaper and news broadcasting company. Founded by Al Neuharth on September 15, 1982, the newspaper operates from Gannett's corporate headquarters in Tysons, Virgini ...
included in its list of "message from the rooftops" (intentional messages to be seen on
Google Earth
Google Earth is a computer program that renders a 3D computer graphics, 3D representation of Earth based primarily on satellite imagery. The program maps the Earth by superimposition, superimposing satellite images, aerial photography, and geog ...
) a message on the roof of Peabody Place that invites: "''come downtown and play.™''". No further information was given, but the message can still be observed as of 2015 at coordinate 35.1411673,-90.052704 /ref>
References
Further reading
* Yawn, David. "Peabody Place driving Downtown Revival." '' Memphis Business Journal''. August 7–11, 1995.
Belz Enterprises
Belz Enterprises, Inc. is a major American-based developer of hotels, retail, and commercial properties, including shopping malls.
Belz owns and operates the Peabody Hotel in Memphis. Previously they operated two other Peabody Hotels, one in L ...
CBRE Group
CBRE Group, Inc. is an American commercial real estate services and investment firm. The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2021 reven ...
CBRE Group
CBRE Group, Inc. is an American commercial real estate services and investment firm. The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2021 reven ...