Executive Summary

Downtown Memphis is becoming an increasingly stronger market for devoting real estate investment and government resources towards businesses, homes, and public amenities.  Like most major cities throughout the United States, Memphis is undergoing a downtown renaissance.  Often guided by comprehensive plans, city centers are capturing a growing share of new investment, employment, and residents.

The French Fort Redevelopment Plan demonstrates an excellent opportunity for the City of Memphis and its partners to convert this special area into a vibrant, income producing asset that will have a positive impact on Downtown Memphis and the City as a whole.  This comprehensive plan for a high-density mixed-use community (along with the new Interstate-55/Crump Boulevard roundabout, the Harahan Bridge Project, and the extension of the Riverwalk) would revitalize the French Fort area that has not seen any major improvements in almost fifty years.  This Plan and these projects will increase tourism, create jobs, provide affordable housing, offer development opportunities and improve property values and lifestyles of the residents.  Historic buildings will be saved while making adaptive reuse of other structures. An increase in tax revenue will help relieve the heavy tax burden of the City by creating revenue from underutilized properties many of which that have only produced negative cash flow in the past.

The estimated cost of the entire redevelopment once completed will be approximately $150 million dollars.  The overall tax revenue (sales, property, hotel and CBID) to be collected by the City and County over the life of the project (2015-2041) is estimated to be in excess of $130 million.  The annual tax revenue when the TIF expires in 2041 is estimated to be more than $9 million.

 

The following is brief description of the projects that are projected to be built over a seventeen year period,

Hotel – 85 rooms
Event Center – 22,000 sf.
Restaurants – 8,500 sf.
Tavern – 1,500 sf.
Coffee Shop – 1,500 sf.
Residential – 695 units
Grocery Market – 47,500 sf.
Urban Market – 5,000 sf.
Commercial/Retail – 23,000 sf.

 

 

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