WSG has submitted a site plan to the city for approval. Currentplans for the project include 200 apartments and townhomes, 50,000to 60,000 sf of class A office, a hotel and 600,000 sf of retail.WSG is hoping to break ground by the end of the year with ananticipated completion date of winter 2009, WSG Developmentpresident and CEO Eric Sheppard tells GlobeSt.com.

|

The project will be located on six blocks of a blighted urbanarea. It took WSG four years to acquire the 150 separate parcelswhich make up the project site. WSG Development will develop theproject in cooperation with the City of Memphis and the Memphis andShelby County Community Redevelopment Agency. "This property isintegral to the revitalization of this area and an excitingaddition to the Memphis landscape," says City of Memphis CFO RobertLipscomb, in a prepared statement.

|

The proposed project is located in close proximity to theMemphis Medical District, which is the home to several hospitalsand universities. It is also close to the historic neighborhoods ofEvergreen, Madison Heights and Central Gardens. "There's pent-updemand for retail in the area," Sheppard says.

|

Marketing efforts for the space have started, with somenational, big-box retailers expressing interest in the project."The project will be more of a lifestyle village-type retail centerso getting the right types of tenants is important," he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.