MEMPHIS, Tenn. — A real estate firm has unveiled a major development that includes a project so big it will change the Memphis skyline.
18 Main revealed the plans to reimagine the Pinch District, which is near the Bass Pro Shop Pyramid and has already invested $14 million on Pinch properties to show a vision.
The new development plans will show the Pinch's potential. The cost of this plan is about $1.1 billion.
The Shelby County Commission discussed a resolution during their meeting Wednesday for the 18 Main's Pinch District redevelopment project..
Downtown Memphis Commission (DMC) President Jennifer Oswalt Oswalt told FOX13, "it'll put us on the map as in look something special is happening in Memphis, we've got these big projects going on. We know its special and that we've got unique things, but we want to keep those but it doesn't mean we don't want more for our city."
The vision will be constructed in two phases. The first phase will include more than 960 residential units, 400 hotel rooms, along with retail and office space. The second phase will be more residential, retail and office development.
Today, city leaders will discuss the $1.1 billion project that would change the Memphis skyline. Find out what decisions could be made today, now on Good Morning Memphis.
Phase One will cost about $604 million, and Phase II will cost about $486 million, which does not include the costs of parking and infrastructure.
"We hope it will attract some new office users. It's going to allow St. Jude to have a great neighborhood to grow into and maybe even have some of their people live nearby instead of coming in from out east," said Oswalt.
"From St. Jude families and staff to Convention Center visitors to Downtown employees and beyond, the Pinch District will welcome and bring together people from all walks of life," Intrator said in a press release.
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The plan will exceed about 2.8 million square feet with 400 hotel keys and 1,500 residential units constructed.
Transportation solutions are being discussed and evaluated.
"Generating walkability requires attractions and amenities that are worth walking to," said Intrator. "This is about density and connectivity. We are building up and not out. We aim to create new energy that will build upon itself."
Cox Media Group