Great old building keeps firm Downtown Great old building keeps firm Downtown

The new Downtown elementary school, opening in August, might fill a public school void in the area, but it caused a problem for one Memphis architectural firm.

Nathan Evans Taylor Coleman Foster in business since 1911, when it began as Coleman Foster owned a 10,000-square-foot building at Court Avenue and Fourth Street, ground zero for the new school.

We had 90 days to get out, said partner James Evans, laughing about the time crunch the firm faced in finding a new location to purchase.

So instead of buying, the firm leased an 8,600-square-foot space in Pontotoc Place at 17 W. Pontotoc Ave., overlooking the river in the South Main district. But after five years, the firm principals are on their way to a new Downtown locale with the purchase of a 12,500-square-foot building in the Pinch District.

The building, at 345-347 N. Main St., was purchased for $475,000. A separate limited liability corporation was established for the renovation work that originally was budgeted at $200,000.

We want to own our own place and stay Downtown, Evans said. Its a great old building.

Tucker Beck of Crye-Leike Commercial represented the buyer in the purchase. Ambassador Construction Co. of DeSoto County, Miss., is the contractor for the renovation project.