Contact: Melinda Medlin
Thompson & Baker
(901) 527-8000
or
Andrew J. Groveman
Belz Enterprises
901/260-7278

City of Memphis and Peabody Place win Gold Award from Council for Urban Economic Development

     MEMPHIS, TN, October 10, 1998 - The City of Memphis and Peabody Place recently won recognition from the Council for Urban Economic Development (CUED) for their public private-partnership. The gold award, the highest honor given from CUED was presented to the city and Peabody Place at the annual CUED ceremony in San Diego.
     CUED, founded in 1967, is a leading national organization of economic development professionals. A non-profit association, CUED is comprised of over 1,700 members – the country’s pre-eminent professionals from city, county and state development agencies, chambers of commerce, neighborhood groups, as well as professionals in private sector development.
     Memphis and Peabody Place were chosen from numerous participants from across the country. This year marks the first time Memphis has won this award for its partnership with Belz Enterprises for Peabody Place.
     Peabody Place is an urban mixed-use project located in downtown Memphis. When completed, the project will contain approximately two million square feet of space, as well as approximately 3,000 parking spaces. Peabody Place consists of new construction as well as the reconstruction of structures listed on the Historical Register of Historic Places.
     Peabody Place was developed as a public-private partnership. The City of Memphis financed and operates a 700 car-parking garage serving the project. In addition, the city provided funds for sidewalks and other public improvements in the vicinity of the project, as well as community development block grant loans and urban development action grant loans to finance the private portions of the project.
     “It is an honor to receive this recognition from such a highly respected organization as CUED. We are proud of the progress that has been made in the revitalization of downtown and especially of our partnership with Belz Enterprises for Peabody Place,” remarked Memphis City Mayor W. W. Herenton.
     Andrew J. Groveman, Vice President of Belz Enterprises added, “Over the years, Belz Enterprises has worked very closely with the city. We are honored to receive this award from a national association recognizing the work that Belz and the city of Memphis have accomplished together. Peabody Place will continue to grow and we look forward to working with the city on this further expansion.”
     Peabody Place is virtually a city within a city, including approximately 500 hotel rooms in the nationally known historic Peabody Hotel; approximately 600,000 square feet if Class A office space; 200 apartment units; approximately 100,000 square feet of retail space and 2,800 parking spaces. A Chinese art museum, restaurants, a grocery store, a card shop and several other stores have located in the Peabody Place retail space providing convenient goods and services for people living, working and visiting downtown.
     Belz Enterprises plans to break ground this year on the 300,000-square-foot Peabody Place Urban Retail and Entertainment Center, featuring a 21-screen movie complex, plus a 500-seat IMAX Theater and retail space.
     Headquartered in Memphis, Tennessee, Belz is a national leader in real estate development. The company owns and manages more than 25 million square feet of industrial warehouse and distribution centers, shopping centers, office buildings, mixed-use centers, and corporate campuses.
     Belz also owns a group of premier hotels including the Peabody Hotels in Memphis and Orlando, Florida.

# # #