MEMPHIS, Tenn. - The highly anticipated ‘One Beale’ development is one step closer to construction after developers filed a building permit for the first phase of the riverfront project.
“One Beale is a one of kind project, but it should be one of many. I believe we have one of ten One Beale’s downtown, but you have to start somewhere,” said Chance Carlisle, CEO of Carlisle Corporation.
Construction for the first phase, which includes more than 200 new apartments, could start as early as next February. It’ll cost about $75 million for construction and development.
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Carlisle hopes to start construction for phase two which includes a new Hyatt hotel in April 2019.
“Immediately it’ll make an impact on the skyline. It’ll also help connect Beale Street to the river and help connect the South Main district to Beale Street,” said Carlisle.
Jennifer Oswalt, president of the Downtown Memphis Commission, said this is the first time the group has had several $100 million projects coming together at one time.
Oswalt said it’s a sign of a new era for downtown development.
“For a while now, we’ve seen interest from young people and even empty nesters in downtown and we’re still to see a pickup in that. And now with some of our bigger companies coming downtown like Service Master, so some of those folks will have a chance to live downtown,” said Oswalt.
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