When the Umarov family acquired The Exchange Building in 2010, Downtown Memphis looked very different. Main Street was quiet. The riverfront was underutilized. The buildings around us were mostly vacant. We saw something others didn’t — and we invested when few would.
$8+ million later, The Exchange Building stands as one of Downtown’s most recognized residential landmarks — 198 units, fully operational, with a security infrastructure, elevator modernization, fire protection, and common area improvements that most buildings in this corridor still lack.
This partial offering of floors 4–8 is not an exit. The family retains the majority of the building and continues to operate and invest in the property. We are offering these floors because we believe the right partner — whether a hospitality operator, residential developer, or institutional investor — can unlock even greater value from this specific portion of the building.
“We don’t just own this building — we live here, we work here, and we’re building the future of this corridor.”
— The Umarov FamilyThe Exchange Building sits at 9 North Second Street, one block from the legendary Sterick Building on Madison Avenue. Together, these two landmarks anchor what we call the Madison Corridor — a stretch of Downtown Memphis with extraordinary potential for mixed-use revitalization.
We’re not just thinking about one building. We’re thinking about what this neighborhood becomes over the next decade. With xAI bringing thousands of tech workers, St. Jude investing $12.9 billion, and Memphis emerging as a logistics-AI-healthcare hub, the demand for premium urban living is only accelerating.
Our vision includes hospitality, creative office space, retail activation, and cultural programming along Madison Avenue — all anchored by The Exchange Building’s proven residential base and the corridor’s historic architectural character.
Continued Ownership
The family retains floors 1–3 and 9–19, maintaining the building’s operations, security, and common area standards.
Capital Reinvestment
Ongoing investment in building systems, facade preservation, and infrastructure improvements beyond the $8M+ already committed.
Corridor Development
Active collaboration with neighboring property owners and city stakeholders to develop the Madison Avenue corridor as a cohesive district.
Community Roots
The Umarov family has been in the Memphis community since 1997 — nearly three decades of local investment and civic engagement.
The Madison Corridor Joint Vision
Two landmarks. One block apart. One shared vision for Downtown Memphis. Read the full corridor development thesis.
Read the Full VisionAn investor in floors 4–8 isn’t just acquiring square footage — they’re joining a family that has 16 years of skin in the game and a concrete plan for what comes next. We believe the best returns come from alignment, and we’re looking for a partner who shares our conviction in Downtown Memphis.