Plans for area remain in refinement stage
By Amos Maki (Contact)
Wednesday, January 30, 2008
Elvis Presley Enterprises Inc., which is preparing for a $250 million overhaul of Graceland and the surrounding area, has bought another apartment community near Elvis Presley's former mansion in Whitehaven.
EPE bought the Craft Manor apartments at 1032 Craft from Michael E. Reed for $1.575 million, but the company is remaining tight-lipped about future development of the area.
"EPE Inc. continues to plan for future redevelopment of the area surrounding Elvis Presley's Graceland mansion, a National Historic Landmark," said Kevin Kern, media relations manager for EPE.
EPE officials aren't saying much publicly, but they -- and officials with parent company CKX, Inc. -- continue to refine their plans for the Graceland area and have been in contact with the administrations of Memphis Mayor Willie Herenton and Shelby County Mayor A C Wharton, as recently as last week.
Memphis City Councilman Myron Lowery, whose district includes Whitehaven and surrounding neighborhoods, said a little more conversation from EPE officials would be a good thing.
"The community wants to know more, and I told (EPE chief executive officer Jack Soden ) that several months ago and he said that would be forthcoming, " Lowery said.
"At some point they have to make their plans public and ask for community support and ask for government support," he said. "The community is concerned, and rightfully so. On a project of this magnitude, because it's so important to the future growth and development of that area, more information should be known."
Robert Lipscomb, director of the city's Division of Housing and Community Development and city point man on most large redevelopment projects, said he has remained in touch with EPE officials.
"It's moving forward, and we're excited about it because any time you get that kind of investment, particularly in that area, it's a good thing," Lipscomb said.
As Robert F.X. Sillerman, the chairman and CEO of CKX, who acquired an 85 percent stake in EPE in 2005, works on plans to transform Graceland, EPE and its affiliates own or control more than 105 acres around the mansion, an area larger than the Memphis Zoo.
Since January 2006, EPE companies have spent at least $13.4 million acquiring property, according to Shelby County Register Tom Leatherwood' s office.
Revamping Graceland will include razing the cramped visitor center -- located in a former strip mall across the street from the white-columned mansion -- and replacing it with a facility seven times the size of the mansion.
The Tennessee legislature approved a bill last spring that authorizes the creation of a tourism development zone (TDZ) there, which will allow some local taxes collected within its boundaries to be used to help finance the project. The City Council supported the creation of the TDZ in November.
Sillerman also plans to build new hotels, improve the public spaces around Graceland and create more convention and exhibition space to showcase the King's memorabilia.
Sillerman serves as chairman and CEO of FX Real Estate and Entertainment Inc., an entertainment- oriented real estate development company that plans to pursue real estate and entertainment- based projects around the globe.
FXRE has licensed from EPE the right to use Elvis Presley in the development of its real estate and entertainment projects and will "play a major role" in the redevelopment of the Graceland area, according to company filings.
The existing 128-room Heartbreak Hotel will be razed and replaced by a much larger convention hotel on the mansion side of Elvis Presley Boulevard.
The side of the street that is currently home to the visitor center and Heartbreak Hotel would see "more hotels, more entertainment, food and beverage, retail, kind of a village," Soden said in previous interviews.
"What I've heard through the media, and not from them, has been great," said Lowery.
Sillerman and Graceland officials have been working on the transformation plan for over a year.
CKX was seeking a "mutual cooperation agreement" with local government for highway and utility improvements and renovation help for other businesses in the area, particularly along Elvis Presley Boulevard, the commercial strip that slices through Whitehaven's middle- and upper-middle- class neighborhoods.




