Major redevelopment plan in the works for Memphis Fairgrounds

WATCH: New proposal made for concerts at the Fairgrounds in Midtown

MEMPHIS, Tenn. — The city of Memphis took the next step Tuesday in its Fairgrounds redevelopment plans.

It was announced that the private development portion will be headed by M&M Enterprises and Belpointe REIT.

Paul Young, director of housing and community development, said this news is a major key when it comes to tourism development zone funds.

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“Tourism development zone is funded by growth in sales taxes,” Young said. “So, without the private development aspect it makes it difficult for us to complete the youth sports facility.”

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The city has pinpointed 18 acres on the northern end of the Fairgrounds along Central Avenue as home to a mixed-use development. This would feature retail and hospitality space.

Another exciting element is a sports and event complex which will be at the southern end. This will be home to sports such as basketball, volleyball, cheer, gymnastics, wrestling, and track and field.

“There is a significant number of families that ravel across the country for various youth sports activities,” Young said. “We’d like to bring that type of activity to our community.”

Young said this development is beneficial for Memphis youth and the economy.

“We need to have this type of facility in our region so that we can support our youth and it also helps our local economy,” he said.