"It gives us more flexibility when dealing with potential developers so that we're not restricted by tenants in the building," James Rasberry, a principal with Lewis & Rasberry, a real estate firm which handles leasing and sales at Overton Square, says. "We can move pretty quickly if we have the right person wanting to buy the area and needed the additional space for their development plans."
The website of the present owner, Fisher Capital, states pretty clearly what the potential developers might be:
Overton Square is a 90,000-square-foot retail/restaurant/entertainment complex in Memphis, TN. One of the hottest spots in Memphis during the 1970s, the Square needed new ownership to recapture its former prominence. Partnering with local businessmen, Fisher Capital purchased the property, which is currently being redeveloped with a new big-box tenant.(emphasis mine)
I don't know how current that information is, but there it is.
I'm not against a big retailer in that space. How it looks outside will be so much more important to Memphis than the business model inside. However, I should point out that big box retailers have gotten their name from the artlessness of their form. If they can transcend their naming and build something that is Midtown and urban, I'm not opposed.