Development Program
New real estate is created in the most spectacular way, directly on the riverfront, with blocks and street names that are known to Memphians. A mixed-use plan means all uses are acceptable, thereby increasing the flexibility of the development options in the market place.
The new Downtown riverfront will eventually include 365 acres, including 135 acres of streets and open space, and 230 acres of private development.
The private development of the riverfront is based on a mix of uses, each based on a range of development potential and a period of time. A chart with specific parcel-by-parcel description is included, but a summary of private development includes:
Residential: - Office: - Civic/Cultural: - Hotel: - Retail: - Totals: -
This is an ambitious effort, and the tendency is to start private development as soon as possible to establish a flow of revenue. But these development projections are based on creating a new Downtown address, the riverfront, which does not exist today. A public investment must be made first, building important parts of the public realm to help establish new real estate markets, create real estate value, and enhance the appeal and desire for prospective tenants to want to be here. In the rush to “get something done”, discipline is required to make the difficult decision and take proper risks in establishing the public value of the project, or the results are likely to be disappointing.