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Union Row | $950M mixed-use development proposed for Downtown

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Yes! Memphis forever!

Now let see Madison ave transformed into a Memphis version of Louisville's Bardstown rd and Memphis will be on a roll!

Edited by bnacincy
adding on
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This is a good sign!

Union Row developers buy corner of Union & Fourth

https://dailymemphian.com/section/neighborhoodsdowntown/article/4488/Union-Row-developers-buy-corner-of-Union-Fourth

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Union Row developers on Monday bought Downtown’s southeast corner of Union and Fourth, where Powerhouse Motors has repaired cars for nearly a generation.

The 6,293-square-foot building – which is to be demolished – and its 0.4-acre parcel are across Union Avenue from AutoZone Park's right field side.

Property owners Sally G. Means and Alice M. Ruthven sold the site for $1.4 million to Union Row LB LLC, Shelby County property records show.

 

 

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Union Row continues to evolve as the latest renderings shows two hotels, an office tower, and what is being called an "innovation lab" for startup companies in addition to the apartments and retail being developed in Phase 1 of the project.

Union Row: New renderings and site map sharpen vision for Downtown Memphis development

Desiree Stennett, Memphis Commercial Appeal

https://www.commercialappeal.com/story/money/business/development/2019/09/26/union-row-downtown-memphis-development-renderings/2421730001/

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The first phase of the project represents just over half the $950 million budget. That will bring 310 hotel rooms between two hotels, 711 apartments between several buildings, 250,000 square feet of Class A office space plus another 120,000 square feet of lab office space.

Start Co., an entrepreneurial incubator has partnered with Union Row to attract small start up companies into the lab space which will have have technology and flexible space needed by business looking to grow in Memphis.

Union-Row-2.jpg

Image courtesy of Looney Ricks Kiss

Union-Row-site-map.jpg

Image courtesy of Looney Ricks Kiss

Edited by James Owen
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Good to see this moving forward and growing!

Union Row gets bigger; developers ask for more TIF funds, would waive parking loan

Full story: https://www.bizjournals.com/memphis/news/2019/11/13/union-row-gets-bigger-developers-ask-for-more-tif.html

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Union Row’s first phase is now set to cost $239 million more than originally announced and receive $35 million more in incentives.

Developer Kevin Adams appeared before the Shelby County Commission’s economic development committee on Wednesday, Nov. 13, to ask for an alteration to his group’s TIF (tax-increment-financing) district. The change would add about 10 acres to the project’s first phase and allow Adams' group to receive up to $185 million of the tax increment the project creates.

Previously, the project had received city, county, and state approvals for the group to receive up to $100 million from the TIF, as well as a $50 million loan for parking garages. As part of the $85 million TIF increase, the developers would waive their $50 million loan.

“Parking money is a finite resource that we need in the core of downtown,” Downtown Memphis Commission president Jennifer Oswalt told the County Commissioners. “This shift takes risk off of the city and county and places it solely on the project.”

At a pre-development celebration in September, developers said the $511 million first phase would include 710 apartments, 310 hotel rooms, and about 365,000 square feet of office space, along with retail.

 

 

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I read in the Daily Memphian from 2018 a 30,000-square-foot grocer/market was in consideration for Union Row.  I do not see supermarket Kroger opening 30,000-square-foot stores.   Supermarket Publix has a 28,000-square-foot prototype for its Publix supermarkets and a 22,000-square-foot prototype for its GreenWise Market specialty organic/gourmet grocery stores.  It has been in speculation to enter the Memphis area for years.

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