The developments, business growth, and the look of Memphis, Tennessee is changing, growing, and impressing Memphis and out-of-state investors, as well. The city is thriving, and, by the look of it, entrepreneurs and innovators see improving the city as a tremendous investment.
1750 Madison Avenue
The Downtown Memphis Commissioner’s Center City Revenue Finance Corporation Board (CCRFC) recently approved a $3.8 million payment-in-lieu-of-taxes incentive and developer Amin Zaki has submitted plans for the six-story office building that will be converted to 52 apartment units, along with retail and restaurant spaces.
The lots on the east and west sides of the building will offer smaller apartment buildings which will cost almost $12,6 million to complete. The CCRFC believes that this development is taking place at exactly the best time to strengthen retail and restaurant businesses in this part of town.
185 Union Avenue
The existing Doubletree Hotel, at 185 Union, is to be renovated into a new boutique-type hotel that will include meeting spaces, along with food and beverage services. The property will also include changes to the frontage on Union and B.B. King, which is a new public space on this site. The cost of the renovation is estimated to cost up to $65,825,000.
46 Keel Avenue/Front Street
This site, also known as the Uptown Snuff District, is the dream project of Memphis developer, Billy Orgel. His plan, which includes a separate tax break, involves a cluster of six buildings in the historic Snuff District (named for the tobacco manufacturing building once operated in this space). The $46 million plan includes:
- 130 apartments
- An 80,000 square foot Varsity Spirit store
- 10,000 square feet of retail
Thanks to a 20-year PILOT grant, a second hotel is in the works and is to be located above the William C. Ellis & Sons Ironworks and Machine Shop, at 241 and 245 South Front Street and Dr. Martin Luther King, Jr. Avenue. Memphis’ Carlisle Corporation has filed plans to convert the historic Ellis & Sons riverside machine shop into a fancy hotel. The building has been in place since 1879.
316–324 S. Front Street
This $30,218,096.00 project will include a mixed-use development located in an existing historic building at 324 S. Front. St. The plan is for a new 6-story infill apartment building on an adjacent lot. [https:///]Infill development is a redevelopment that allows developers to:
“Optimize prior infrastructure investments and consumes less land that is otherwise available…”
Once in place, the development will offer 165 apartment units and 10,000 square feet of space for retail entities.
Bakery Apartments & Edge Redevelopment
Currently, under construction is a redevelopment of six parcels of land in the Edge District of the city. The project includes the historic Wonder Bread Factory at 400 Monroe and the space that was once the Memphis Cycle Supply at 421 Monroe. The former Wonder Bread Factory will be converted to 286 apartment units and more than 155,000 square feet of retail units, offices, and mixed-use spaces.
This $73 million project is headed by Gary Prosterman, CEO of the Development Service Group (DSG) and a fourth-generation Memphian. Prosterman has focused on urban renewal which he feels is important to development in Memphis. This new idea will provide housing for medical workers that is more convenient and more desirable than now exists. The district is home to the Baptist College of Health Sciences, Methodist Le Bonheur Healthcare, Memphis Bioworks Foundation, St. Jude Children’s Research Hospital, and the University of Tennessee Health Science Center.
Memphis Growth and Development
Investing in Memphis, as the investment pros seem to notice, is an intelligent thing to do. The city is expanding by leaps and bounds, and real estate is still affordable. The downtown developments are going to bring economic growth and jobs to the area. Whether you are looking to rent or buy, Memphis will welcome you with just the right amount of Southern Hospitality. Let us assist you in your real estate journey.
