Our great city, Memphis, is a city poised for growth, making this an exciting time to live here. With $15 billion in recent, current or planned development in the greater Memphis area, and much of that happening in the vibrant downtown, the city is building momentum with steady growth. One of the most transformational projects currently in development is One Beale. This iconic address will soon sport a new hotel and high-rise apartment tower, forever changing the Memphis skyline and creating a connection between the Memphis riverfront and the entertainment district of Beale Street.
One Beale is a two-part project that includes a multi-story Hyatt Centric hotel. The boutique hotel will have 227 rooms and a 15,000 square foot conference and meeting space. It will be housed in the historic Ellis Machine Shop and will bring a new riverfront restaurant, outdoor pool and rooftop lounge to the riverfront district.
A separate mixed-use residential apartment tower is also part of the project. This luxury apartment community will have 227 apartment homes as well as riverfront restaurant and office space. These apartment homes will add a residential component to the Memphis entertainment district while also helping to transform the waterfront. Current plans also include a public parking garage. While in development, One Beale will bring over 1,400 jobs to the area. Once open, the new development will create over 420 jobs.
While the current development includes the apartment tower and the hotel, future plans include the addition of a Class A office tower, which will bring even more development to the region. The development team is working with the Greater Memphis Chamber to find an anchor tenant, and then work on the office tower will begin.
One Beale is an excellent example of current Memphis growth, as the city continues to expand its offering and create a vibrant environment for business, life and entertainment. Current estimates indicate that One Beale could be complete by as early as 2020. For those of us who call Memphis home, this development is just the start of an exciting future in store for our community.