Tom Intrator's Pinch/South Main projects and Union Row redefine 'mixed-use'
Intrator hits Pinch with $1.1B plan — Winner
In the development world, few names are met with more curiosity than that of Tom Intrator.
A New York developer, Intrator has been on a Memphis property-buying spree.
He made big headlines in early November 2019 when his $95 million plans for the redevelopment of five South Main properties were fully revealed (see later on in this post for more).
Two weeks later, he turned every head in the market with a proposal dwarfing his South Main projects.
In mid-November, Intrator’s development company — 18 Main LLC — made public a $1.1 billion, multiblock project in the Pinch District. Those plans call for the construction of luxury, multifamily buildings, two hotels, retail, office, and green space located between the campus of St. Jude Children’s Research Hospital and Bass Pro Shops at the Pyramid.
Phase one of that Pinch project is expected to see an investment of more than $600 million and include 940 apartments, 400 hotel rooms, 160,000 square feet of retail, and 200,000 square feet of office. Phase two is set to total $486 million.
The project has already received local incentive approvals but is still awaiting ones from the state. It is set to reap the benefit of its location in a Tourism Development Zone (TDZ) and of a 30-year payment-in-lieu-of-taxes (PILOT).
Brokers involved in Intrator’s Pinch portfolio included Tucker Beck and Dean Fowler of Crye-Leike; Jeff Higdon of Avison Young; and Melanie Myers of The Gary Myers Co. Josh Kahane and Chris Lamberson of Glankler Brown PLLC are Intrator’s local legal representatives.