Peabody Place (Memphis, Tennessee)
Encyclopedia
Peabody Place is a mixed use residential, retail, and office redevelopment project located in Downtown Memphis, Tennessee
that covers eight city blocks.
It is located near popular tourist locations, including The Peabody Hotel
, Beale Street
, FedEx Forum (home of the NBA's Memphis Grizzlies
), the Orpheum Theatre
and AutoZone Park
(home of the AAA Memphis Redbirds
). The project's new and restored historic buildings include a 15-story modern office tower, two apartment projects, two museums, an enclosed mall, and numerous restaurants.
It is noted for a dense variety of spaces, ranging from the grandeur of the restored historic Peabody Hotel
to the quirky Center for Southern Folklore
to the nationally recognized and ultramodern street-level offices of the Red Deluxe Brand Development advertising agency. Peabody Place encompasses more than two million square feet connected by skywalks, corridors and trolley stations.
, and Tower Records
; other chain stores, such as Ann Taylor
and Gap
joined. While it was initially successful, the excitement quickly fizzled out and the enclosed mall proved to be unable to compete with more convenient suburban alternatives in more affluent neighborhoods that were perceived as safer, due to their demographics. Over several years, most of the stores in the indoor mall were closed. A few were replaced by new establishments, such as Encore restaurant, and Primetime Sports Bar, but those were also unable to gain traction and eventually closed. While the rest of Peabody Place and the Downtown area in general had been performing well, the enclosed mall failed. Many considered the fundamental concept of an enclosed mall to be somewhat antiquated and particularly inappropriate in dense urban areas, criticizing Belz for their lack of urban expertise. In 2008, Belz began planning to expand the Peabody Hotel into the areas formerly occupied by the Muvico cinema, an idea which was put on hold by the Late-2000s recession.
As of February 2011, the mall remains accessible to the public, but is mostly empty. The only remaining stores are Coco and Lilly, a locally owned and operated juniors boutique, and Victoria's Secret
. In addition, two vendors operate carts that sell Memphis-themed memorabilia. Only one store has relocated, a Maggie Moo's franchise, which now occupies space along Main Street, just one block away from the enclosed mall in another portion of the Peabody Place development.
Downtown Memphis, Tennessee
Downtown Memphis, Tennessee is the central business district of Memphis, Tennessee and is located along the Mississippi River between Interstate 40 to the north, Interstate 55 to the south and I-240 to the east, where it abuts Midtown Memphis....
that covers eight city blocks.
It is located near popular tourist locations, including The Peabody Hotel
Peabody Hotel
The Peabody Hotel is a luxury hotel in Downtown Memphis, Tennessee. The hotel is well known for the famous "Peabody Ducks" that live on the hotel rooftop, but which make daily treks to the hotel's lobby in a daily "March of Ducks" celebration.- History :...
, Beale Street
Beale Street
Beale Street is a street in Downtown Memphis, Tennessee, which runs from the Mississippi River to East Street, a distance of approximately . It is a significant location in the city's history, as well as in the history of the blues. Today, the blues clubs and restaurants that line Beale Street are...
, FedEx Forum (home of the NBA's Memphis Grizzlies
Memphis Grizzlies
The Memphis Grizzlies are a professional basketball team based in Memphis, Tennessee, USA. The team is part of the Southwest Division of the Western Conference in the National Basketball Association . Along with the Toronto Raptors, the Grizzlies were established in 1995 as part of the NBA's...
), the Orpheum Theatre
Orpheum Theatre (Memphis)
The Orpheum Theatre, located on South Main St. at the corner of Beale in Memphis, Tennessee, was built in 1928 and is one of the few remaining "movie palaces" of the 1920s. The theatre presents a variety of events from Broadway shows and concerts to films....
and AutoZone Park
AutoZone Park
AutoZone Park is a minor league baseball stadium located in downtown Memphis, Tennessee and the home of the Memphis Redbirds of the Pacific Coast League, the AAA affiliate of the St...
(home of the AAA Memphis Redbirds
Memphis Redbirds
The Memphis Redbirds are the Triple-A minor league baseball affiliate of the St. Louis Cardinals. They play their home games at AutoZone Park in downtown Memphis, Tennessee. The stadium's capacity is 14,320. They entered the Pacific Coast League as an expansion team in 1998, and were owned as a...
). The project's new and restored historic buildings include a 15-story modern office tower, two apartment projects, two museums, an enclosed mall, and numerous restaurants.
It is noted for a dense variety of spaces, ranging from the grandeur of the restored historic Peabody Hotel
Peabody Hotel
The Peabody Hotel is a luxury hotel in Downtown Memphis, Tennessee. The hotel is well known for the famous "Peabody Ducks" that live on the hotel rooftop, but which make daily treks to the hotel's lobby in a daily "March of Ducks" celebration.- History :...
to the quirky Center for Southern Folklore
Center for Southern Folklore
The Center for Southern Folklore is an American non-profit cultural organization based in Memphis, Tennessee. Founded in 1972 by William Ferris and Judy Peiser, its mission is "to preserve, defend, protect and promote the music, culture, arts, and rhythms of the South."The Center produces...
to the nationally recognized and ultramodern street-level offices of the Red Deluxe Brand Development advertising agency. Peabody Place encompasses more than two million square feet connected by skywalks, corridors and trolley stations.
Enclosed Mall
An enclosed mall was opened in 2001 and was initially anchored by a Muvico cinema, Jillian'sJillian's
Jillian's is a restaurant and entertainment chain with locations in the United States. Jillian's locations as of December 2009 include the original location in Boston, MA as well as Albany, NY; Charlotte, NC; Columbia, SC; Cleveland Heights, OH; Indianapolis, IN; Manchester, NH; Norfolk, VA; San...
, and Tower Records
Tower Records
Tower Records was a retail music chain that was based in Sacramento, California. It currently exists as an international franchise and an online music store....
; other chain stores, such as Ann Taylor
Ann Taylor (retail chain)
ANN INC. is an American group of specialty apparel retail chain stores for women, headquartered in New York City, . The stores offer classic styled suits, separates, dresses, shoes and accessories...
and Gap
Gap (clothing retailer)
The Gap, Inc. is an American clothing and accessories retailer based in San Francisco, California, and founded in 1969 by Donald G. Fisher and Doris F. Fisher. The company has five primary brands: the namesake Gap banner, Banana Republic, Old Navy, Piperlime and Athleta. As of September 2008,...
joined. While it was initially successful, the excitement quickly fizzled out and the enclosed mall proved to be unable to compete with more convenient suburban alternatives in more affluent neighborhoods that were perceived as safer, due to their demographics. Over several years, most of the stores in the indoor mall were closed. A few were replaced by new establishments, such as Encore restaurant, and Primetime Sports Bar, but those were also unable to gain traction and eventually closed. While the rest of Peabody Place and the Downtown area in general had been performing well, the enclosed mall failed. Many considered the fundamental concept of an enclosed mall to be somewhat antiquated and particularly inappropriate in dense urban areas, criticizing Belz for their lack of urban expertise. In 2008, Belz began planning to expand the Peabody Hotel into the areas formerly occupied by the Muvico cinema, an idea which was put on hold by the Late-2000s recession.
As of February 2011, the mall remains accessible to the public, but is mostly empty. The only remaining stores are Coco and Lilly, a locally owned and operated juniors boutique, and Victoria's Secret
Victoria's Secret
Victoria's Secret is an American retailer of women's wear, lingerie and beauty products. It is the largest segment of publicly-traded Limited Brands with sales of over US$5 billion and an operating income of $1 billion in 2006...
. In addition, two vendors operate carts that sell Memphis-themed memorabilia. Only one store has relocated, a Maggie Moo's franchise, which now occupies space along Main Street, just one block away from the enclosed mall in another portion of the Peabody Place development.