(WMC-TV) - The vacant French Quarter Inn in Midtown could get a new life, helping to bring new business and traffic to Overton Square.
The Memphis hotel on the corner of Madison Avenue and Cooper Street has long been considered an eyesore. But, that could all change with a new deal and possible sale of the building.
Alexandra Rushing works at The Attic, a clothing store in Overton Square. She has the perfect view of the French Quarter Inn.
Rushing says it used to be a destination in Midtown. She says they put their business in Midtown to reach a high foot traffic and trendy area.
"We wanted to be in a very high foot traffic area and a trendy area. And we knew that Overton Square was gonna be that whenever it was finished being built out," she said.
Developer Donald Pemberton confirms the development company ACS Manage out of Texas plans to buy the 105 room inn.
He says it has the potential to be developed back into a hotel space or an entertainment spot. Loeb Properties is already putting $20 million in the area to add parking, public art, retail, and new restaurant tenants.
Right now, Overton Square is a nightlife area with lots of bars.
It is unclear how much the property costs, or how what kind of offer is being made. The developer has until October 31 to close the deal.
ACS Management has ties to the Madison Hotel in downtown Memphis.
Copyright 2013 WMC-TV. All rights reserved.