It's official: Pinnacle Airlines moving to downtown Memphis - Action News 5 - Memphis, Tennessee

It's official: Pinnacle Airlines moving to downtown Memphis

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MEMPHIS, TN -

By Anna Marie Hartman - bio | email

MEMPHIS, TN (WMC-TV) - Pinnacle Airlines will move it's headquarters to downtown Memphis, company officials announced Wednesday.

Pinnacle had considered relocating to Olive Branch, but Wednesday its Board of Directors signed a letter of intent to negotiate a lease agreement with the owners of One Commerce Square in downtown Memphis.

Earlier this year, Memphis Mayor A C Wharton got the Memphis City Council to commit to $3 million lure the airline downtown.  Additionally, the Center City Commission will pitch in another $2 million to buy the building's parking garage.

The city will also give Pinnacle the option to borrow $15 million dollars in federal bonds from a private bank.

Wednesday, Paul Morris of the Center City Commission called Pinnacle's decision a major accomplishment for downtown Memphis, where 600 employees are expected to relocate the area's largest building by this time next year.

"It's going to make a big difference because it's going to shore Memphis' biggest building in its skyline, and that makes a huge difference for the whole city," he said.

Not only will employees occupy 12 floors of the building full time, but nearly 9,000 Pinnacle employees will travel to Memphis each year for training.  Morris said that will mean additional revenue from hotel rooms, food, and entertainment.

Currently, only one third of One Commerce Square is occupied, and the building's owner has agreed to invest millions in renovations. 

Friday, the Center City Commission will hold a celebration of the deal.  Officials said hundreds of Pinnacle employees will be bussed to the building, where they will be treated to a party and will tour their new facility.

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