Beale Street Deal Nearly Done
The city of Memphis, Tenn., is one step closer to taking back control of the Beale Street Historic District after a 10-year legal battle.
Memphis Mayor AC Wharton and John Elkington, CEO of management company Peforma Entertainment Real Estate, have reportedly both signed the agreement to seal the deal. A federal bankruptcy judge just needs to sign off on it.
Performa originally signed a 52-year lease to manage the district in 1982, long before the area had restaurants, bars and venues including
Under the terms of the settlement, Performa surrenders its long-term contract to manage Beale Street to the city but will receive 5 percent commission on leases signed through 2034.
City officials are looking into long-term planning to strengthen business in the four-block entertainment district and increase revenues.