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How do you think the coronavirus pandemic will affect Memphis?

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It seems that just as Memphis development is revving up and gaining speed, this coronavirus pandemic emerges. I saw the below article in the Daily Memphian that gave me some hope. However, I don't think the long-term effects of this event will be fully realized until a year or two down the road. What do you think?

‘Full steam ahead’ for Snuff District, Union Row despite virus turbulence

https://dailymemphian.com/article/11588/full-steam-ahead-for-snuff-district-union-row-downtown-memphis

Quote

 

Imagine you’re a developer like Kevin Adams, one month away from starting the in-ground infrastructure work on a $751 million first phase of the Union Row mixed-use project.

Or, you’re a developer like Billy Orgel, who is still doing preliminary work to make a blighted, historic building the anchor of the $200 million Snuff District mixed-use development.

Then all hell breaks loose with the coronavirus, not only threatening the nation’s physical health but its financial well-being as markets repeatedly plunge and soar.

Do you continue forward or pull back to see what happens?

The leaders of these two massive projects – Union Row at Downtown’s eastern gateway and Snuff District at the northern edge – are pressing ahead. 

“All our projects are full steam ahead and we are cautiously optimistic going forward, with the hope that first and foremost people affected will recover from the virus and that the spread will subside,” said Orgel, who is leading a development team on the Snuff District at 46 Keel in Uptown.

 

 

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I think this will definitely affect hotel projects, not sure for how long as everything should eventually get back to normal.   My biggest concern is the Loew's Hotel, not sure how far they were on financing but hopefully it does not stall too long (was supposed to break ground in the Spring, correct?).   Luckily the convention center renovation is well under way and soon to be completed (same for the airport).   

Again like you said it will be a year or two before full long-term effects are known.   I think most apartment projects should be fine as there seems to be a demand already there and many have already started or seem to be breaking ground soon.

Regarding the article-   I'd think Union Row would be ok since they seem to have financing in line and already started demo (at least with the apartments for now-- hotels I would put a bigger question mark on for the time being, same for the office portions).   Same feeling with the Snuff District should be fine as it's mainly residential.

As far as the other massive mixed use-- The Pinch, if I had to guess I would think that would delayed or shelved for a while, or possibly scaled down quite a bit, which is unfortunate.   All we can do is wait it out and hope for the best.

Edited by DRG901

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