City hiring consulting firm for Downtown Sheraton project
The City of Memphis is bringing on a consulting firm to assist with the Sheraton Hotel Project.
The contract is for Capstone Development, which will pay $4,000 per month through November 2025.
According to the contract, “The services will ensure the City is in compliance with related agreements, the developer is operating and renovating the hotel in compliance with its hotel flag agreements and brand standards, as well as any other duties as needed to assist the City in completion of the project.”
Capstone Development is also spearheading the $100 million plan to redevelop Liberty Park in Midtown.
After the purchase, the Downtown Memphis Commission created “250 North Main LLC,” a tax-exempt 5013c that will operate the property while a two-year engineering study is done to determine renovation costs.