VOL. 126 | NO. 192 | Monday, October 03, 2011
By Sarah Baker
Updated 3:52PMThe Greyhound Bus Station in Downtown Memphis has been listed for sale by CB Richard Ellis Memphis for $2.3 million.
The intercity bus transportation hub is at 203 Union Ave., directly across from AutoZone Park and near one of Downtown?s busiest intersections.
The property includes a 23,085-square-foot main building and a 12,000-square-foot storage building on 1.37 acres of land.
Dallas-based Greyhound Lines Inc. owns the property. The Shelby County Assessor of Property?s 2011 appraisal is $672,800.
Because of its location and adjacent vacant land, it is considered a prime development property, said CBRE?s vice president Patrick Burke, who is listing the property.
?Most of the interest that we?ve received so far has been for some type of redevelopment, Burke said. ?Retail and a potential hotel site have been two things that have been mentioned, but it?s not under contract at this point.?
The property figured prominently in a federal probe of the personal finances of former Memphis Mayor Willie Herenton toward the end of his tenure as mayor. Herenton had an option to buy the property. He sold it and made more than $90,000 on the deal through his private real estate firm.
It had been touted as one of several locations for a new convention center. Herenton floated the general idea of a new convention center and mentioned the area between the ballpark and the Beale Street district.
The idea was politically dead on arrival because of its multimillion-dollar price tag following a 2003 expansion of the existing Memphis Cook Convention Center for $100 million.
Nothing ever came of the investigation of Herenton?s finances.
For decades, other city and Downtown development leaders had tried to talk Greyhound officials into moving and opening the property for other development. That included plans to move the terminal to the renovated Central Station on South Main that never happened.
The tenant is due to be out at the end of October or beginning of November, Burke said.
Greyhound is slated to operate in MATA?s Airways Transit Center, still under construction near Memphis International Airport.
Source: http://www.memphisdailynews.com/news/2011/oct/3/greyhound-station-listed-for-23m/
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