The Belz Report - 1999, Volume 2

1999, Volume2PAGE 1

Construction Under Way on 300,000-sq.-ft. Retail/Entertainment Addition to Peabody Place

55,000-square-foot Jillian's to join Muvico in Memphis' booming downtown

In early April, the roar of bulldozers between Second and Third streets in downtown Memphis marked the beginning of construction on the retail and entertainment elements of Belz Enterprises’ burgeoning Peabody Place development.

When completed, the facility will offer 300,000 square feet of retail space, and will house nearly 40 food, entertainment, retail and specialty shops to complement two major entertainment anchors.

Even with construction in its infancy, Belz leasing agents have already inked several major tenant agreements.

In its latest announcement, Belz announced that Jillian’s, a multi-dimensional food and entertainment retailer, will occupy 55,000 square feet of entertainment space in the complex.

Featuring a sports video café, seven bars, 12 billiard tables, private party rooms, a bowling alley, a dance club, banquet facilities, and more than 200 electronic simulation games, Jillian’s immerses families, tourists and business travelers in an unparalleled entertainment atmosphere.

To be constructed on three floors, the main floor of the facility will house a restaurant, bars and a pool table presentation; the lower floor will include 16 bowling lanes with bar facilities; and the upper floor will feature video games, bars and a dance club.

“Jillian’s nationally-known concept of combining food, entertainment and night life into one venue introduces a new retail/entertainment mix to Memphis that is not available anywhere else in the Mid-South,” said Andrew J. Groveman, senior vice president, Belz Enterprises. “As we continue to announce new tenants, both the tourism and business communities grow eager for the opening of this world-class entertainment destination we are creating in downtown Memphis.”

Previously announced, Muvico Theaters will be the center’s largest entertainment venue, occupying a sprawling 90,000 square feet of space. The Muvico facility will feature 21 movie auditoriums and an IMAX® 3D with IMAX® PSE (Personal Sound Environment), all set in a theme atmosphere.

“Much like Jillian’s, Muvico will be a state-of-the-art facility that establishes Peabody Place as a first-rate entertainment attraction,” said Morris Thomas, vice president of brokerage and leasing, Belz Enterprises. “The originality of Muvico is captured through a theme environment created in all of its theaters – whether designed as a Mediterranean Courtyard, as New York’s Times Square, or as an African desert, the Muvico experience is one-of-a-kind.”

The Muvico theaters will accommodate nearly 4,500 moviegoers at one time, and will feature auditoriums with as many as 500 seats. The theaters also feature stadium-style seating, superior viewing sightlines, digital sound systems, wall-to-wall curved screens, gourmet concessions and specially-designed seats created for Muvico, featuring moveable armrests and lumbar support for added comfort.

The Muvico complex will be the largest in metro Memphis, and one of only seven themed Muvico complexes in the world. The Memphis Jillian’s will join 24 other locations throughout the country.

When completed, the entire Peabody Place development will contain approximately two million square feet of space, which includes 762 hotel rooms, 201 apartments, 565,000 square feet of office space, 420,000 square feet of retail space, and 3,600 parking spaces. The development is the largest mixed-used urban development currently under way in the United States.