Memphis Mayor Paul Young, during an Oct. 5 media availability, gave brief updates on two Downtown Memphis developments and was vague when asked about the status of the Memphis Grizzlies' new lease at the FedExForum.
Few details offered on Grizzlies lease: 'Getting very close'
Young's comments on the Grizzlies lease mirrored previous
ones, saying the lease's details needed to be ironed out before he could publicly talk about them.
"The conversations of moving forward," Young said during Monday's press availability. "[Those are] very, very active dialogues. We are getting very close. As you all know, I've been hesitant to put a date out there because, you know, as soon as I put a date out there we might not make it."
But Young said the city was "moving forward aggressively, together with the Grizz, and they
have been working right alongside our team."
Sheraton Memphis Downtown hotel finance plan by end of year
Young also said the Sheraton Memphis Downtown hotel, which the City of Memphis purchased for $22 million in Nov. 2025, could have a financing plan presented by the end of the year. Much of the cost at this point, Young said, has been spent on "the design side," but said he did not have a specific amount spent at the time of the media availability.
"Right now, we're working through what the financing options look like and what that structure is going to be," he said. "I'm hopeful that at the end of this year, early part of next year, we can bring something to [the Memphis] City Council for them to consider."
The hotel was purchased after nearly a year of negotiations. In February, the group slated to operate the hotel said renovations could be wrapped up as early as the start of 2029.
Financing gap at 100 N. Main Street, tallest building
Young's final development update was on the tallest building in Memphis: 100 N. Main Street. The building officially opened in 1965 and has been fully vacant since 2014, though it was partially vacant well before then. According to Young, the development team at 100 N. Main has run into a financing gap.
"We have a development group that has been working hard on it but it, just like many other projects, still has a bit of a [financing] gap," Young said. "So they're working to come up with some creative solutions to fill that gap. I did get an update from them a little while ago that they have some thoughts in mind. I have not met with them yet, so I'll hear more about that in the coming weeks."
He said the financing gap is common in developments across Memphis, and likened it to an "appraisal gap" with home buying.
"A lot of developers aren't taking that deal unless you're able to provide some type of funding to close that gap," he said. "Obviously, it's a bit more complex when you look at a large building like that with such a significant capital stack, but it's a similar premise."
City offered to be a tenant
Young said the city has helped with the financing and offered to be a tenant of 100 N. Main whenever it opens.
"I think we put $10 million in capital costs, so there are dollars that the city has put in," he said. "And we are certainly still at the table and talking to them about what it takes to get it over the hill."
Lucas Finton covers crime, policing, jails, the courts and criminal justice policy for The Commercial Appeal. He can be reached by phone or email: (901)208-3922 and Lucas.Finton@commercialappeal.com, and followed on X @LucasFinton.
This article originally appeared on Memphis Commercial Appeal: Memphis mayor talks Grizzlies lease, 100 N. Main, Sheraton hotel
