MEMPHIS, Tenn. — The old Sears Factory Outlet at 2542 Broad Avenue will become a “hip and unique” mixed-use center.

Loeb Properties purchased the now-vacant warehouse in 1995 and plans to revitalize the west part of the building with retail, entertainment, restaurant, and office space.

The warehouse’s loading dock is already home to the Water Tower Pavilion, which is often a destination for food trucks and the site of outdoor concerts and festivals.

“We are looking to continue the momentum and expand the funky energy of Broad Avenue, but in a style that pays homage to the building’s industrial roots,” Aaron Petree, VP of Brokerage for Loeb Properties, said.

The center will total 44,500 square feet and include space for parking in the middle of everything, on what is now a warehouse floor.

“We have been in planning mode for the last six months, specifically addressing issues that come with converting a 70-year-old warehouse to a new use,” Petree said.

“In terms of tenants, there is already a diverse, eclectic mix of businesses on Broad, and we will target an equally diverse tenant roster,” he added. “We are currently in negotiations with a few exciting prospective tenants in the fitness, retail, entertainment, and restaurant categories, and we are looking for other unique businesses to add to the mix.”