Downtown Memphis residential developments

[NickR78]

Since we're discussing downtown memphis, I figured I'd contribute my two cents. There has been a lot of residential development in the downtown area --Mud Island, South Bluffs, South Main, and lately South End and Uptown Square. But what I've noticed is the majority of these projects are targeted for affluent residents. When I first moved to memphis in 2000, I lived in an apartment in Harbor town and paid 750/mo for a two bedroom. Now you've got to pay anywhere from 1,000 to 1,450 for a two bedroom on mud island. There used to be an interesting mix of people living down there--from wealthy retirees and young professionals to students and single parents who worked downtown. Now it seems to be only young medical professionals from St Jude, a lot of med students, and the super wealthy. Last month I checked the rate for the very same apartment I rented for 750 and they quoted me 1150/mo. And these apartments aren't in that great of shape anymore!

Downtown and South Bluffs are the same way...all the new development has targeted the same demographic. On South Main Street there used to be several small antique stores that had been there from the 80's, a few rew restaurants, and a lot studio space rented by artists and craftsmen. The art galleries became trendy and many of the buildings were converted to luxury condos. Most of the original tenents along south main (the ones who made the street unique and alluring) have since closed or relocated because the rental rates became so high. Now there are several empty buildings along the street, but the residential development hasn't waned. From my research, all the condo construction along south main, within South End, and South Bluffs range in price from 180 for about 500 sq feet up to upwards of 400 thousand. Developers need to be doing a better job of attracting a mix of income levels.

Uptown--the planned neo traditional residential neighborhood north of St.Jude has gone to the other extreme and built nice brick 2-3 story apartments in addition to planning hundreds of townhomes--but they're moving back in the residents of the public housing projects which stood in that location a few years ago. Trust me, the majority of residents living in public housing in downtown memphis are not desirable neighbors--especially to the affluent residents of the other developments. I've driven through Uptown and seen grafiti and broken windows already at these new apartments. And while passing by in my car, I wittnessed two young boys destroy lawn sprinkler heads of a townhome by kicking them off into the street. I've read that something like 40% of the units at Uptown are reserved for public housing. The remaining units are market rate--meaning I would have to pay 1,000 bucks a month to live there and I'd worry about my car being stolen or being robbed.

My point--developers need to do a better job of integrating the luxury developments with those for working middle income residents. Downtown would surely continue to grow and it would start to feel like a real neighborhood.

[BrandonTO416]

I agree the mix of classes needs to work better, because all the new residents do seem to be overly wealthy. I've gotten used to the huge divide, America is America...Well there is always better regions like Portland, Oregon to look up to.

[BizGuy]

I agree the mix of classes needs to work better, because all the new residents do seem to be overly wealthy. I've gotten used to the huge divide, America is America...Well there is always better regions like Portland, Oregon to look up to.

<{POST_SNAPBACK}>

Damn, old, mean old America where nobody can catch a break. It just chaps my a** when some dope says that somebody is making too much money... or they don't have a right to move into the inner city and buy up properties from the less wealthy.

What do you mean by "overly wealthy"? So who do you think should be the judge of how much a person makes/owns. Please, go to Portland.

[BrandonTO416]

Overly wealthy in the sense that its become outpriced for people with "average" incomes to move in.

If you cannot buy a livable condo in downtown Memphis with average, then there is a problem.

The only dope is you, for misunderstanding what I said.