The former 50 North Front Street commercial building in Downtown Memphis is to be transformed into a residential building which will be renamed as the Memphis Waterfront Tower. This conversion was necessary for the owner to survive the challenging market conditions.
The decision to transform the commercial building into the proposed residential Memphis Waterfront Tower was made by the New York-based owner, Jacob Sofer of Madison Realties, after the 50 North Street building experienced a huge drop in occupancy from 65 % to 8% and a rise in the cost of maintaining the building after the pandemic.
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The proposed 21-story high-rise Memphis Waterfront Tower will offer an amazing view of the Memphis riverfront, recreation parks as well as interstates and the new design of the building will see the conversion of the top 19 out of the 21 floors into residential units. The number of residential apartments is estimated at 300, while the lower floors will be designed for commercial use. The commercial floors will be made up of restaurants and coffee shops. A small bank might also be included as part of the design on the first two floors as well.
The proposed cost of renovation for the Memphis Waterfront Tower is estimated at $30 million and the process of funding the project is still being finalized by the owners. Although a $5 million capital investment funding has been infused into the project over the last five years, which will aid in the renovation.
Sofer hinted that architects are already working on the design and layout of the new Memphis Waterfront Tower. He expressed his confidence in the location of the project, as the construction is coming at a time where there is increased demand and investment in apartments in the Downtown area.
With the development of the Memphis Waterfront Tower, Sofer pointed out that there is now a need to adjust to the recent market realities and he also hopes to witness real viability in what could be a new age for the Class A waterfront tower.
