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The hotel was sold to the Alsonett Hotel Group in 1953. [3] Deeply in debt by the early 1960s, it went bankrupt in 1965 and was sold in a foreclosure auction to Sheraton Hotels, becoming the Sheraton-Peabody Hotel. [5] As downtown Memphis decayed in the early 1970s, the hotel suffered financially, and the Sheraton-Peabody closed in December 1973.
Built in 1905, the 14-story Tennessee Trust Building was among downtown Memphis' first "skyscrapers." The building's architects, the firm of Charles 0. Pfeil (1871–1952) and George M. Shaw (1870–1919) were noted at the time for designing buildings with ornate, classical styling and massing.
John Elkington's involvement with the redevelopment of historic Beale Street in downtown Memphis began in 1982. After decades of decline and an ill-conceived urban renewal program that left the formerly vibrant area desolate and the street lined with empty, crumbling buildings, John Elkington agreed to lead the development and management of the massive project.
Beale Street in 1974 Beale Street in 2014 Rex Billiard Hall for Colored, Beale Street, 1939. Photo by Marion Post Wolcott. Beale Street was created in 1841 by entrepreneur and developer Robertson Topp (1807–1876), who soon named it later in the decade for Edward Fitzgerald Beale, a military hero from the Mexican–American War.
On Sept. 13, the Center City Revenue Finance Corp., an affiliate board of the Downtown Memphis Commission (DMC), approved a 10-year payment-in-lieu-of-taxes for a 150-room Holiday Inn Express.
1 Downtown. 2 Midtown. 3 University District. ... University Street Neighborhood; Northeast ... List of neighborhoods in Memphis, Tennessee.
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