It’s no surprise that mixed-use developments continue to gain popularity in urban areas. They attract all ages and demographics with their “live, work, shop, play” environments. Memphis is undergoing a massive redevelopment phase with several major projects popping up across the city. Here are 3 of the top developments that have potential to change the landscape of downtown Memphis.
1) Union Row
A massive $1 billion dollar redevelopment project is planned for the center of the Bluff City district. This property will stretch across 10 acres between Union and Gayoso, Danny Thomas and Fourth Street. Construction will begin in early summer 2020. Phase 1 will cost approximately $750 million and will include 1,105 residential units, 2 hotels, 68,106 square feet of retail space, 247,500 sqft in office space, 20,000 sqft for a grocery/market, and 117,000 sqft innovation center. Construction is set to begin in summer 2020.
2) Snuff District
This $250 million dollar project will take place in the vacant historic American Snuff Factory building located at 46 Keel Avenue near Wolf River Harbor in Uptown. This massive development will comprise of 600 apartments, 75,000 sqft of office space, 50 single-family homes, and around 15,000 sqft of retail space. They also plan to add a riverwalk along the Wolf River Harbor in the future. Varsity Cheer, Grind City Brewing Company are just a few of the tenants that will be added to the development within the year.
3) Pinch District
Tom Intrator, a New York developer announced his plans for a $1.1 billion development in the Pinch District in Downtown Memphis. The first phase will include 942 residential units, two boutique hotels with 406 rooms, approximately 170,000 sqft of retail space, and around 222,000 sqft of office space located near St. Jude Children’s Research Hospital. Plans for the next phase would include 586 more residential units, 530,000 more sqft of office space, and 47,000 sqft of retail space.
What this means for Memphis
Memphis is earning recognition on a national level, recently ranking in the top ten markets to watch for 2020. Big investors are maximizing this momentum by revitalizing old buildings and, in some cases, entire districts of Downtown and the surrounding areas. These developments, especially the three mentioned above, will transform the landscape as we know it. They will create jobs, connect communities, and make resources accessible where they weren’t. While it’s hard to fathom the exciting changes to come, what’s clear is that Memphis will only get better.