Over the years, Wonder Bread has opened and shifted its bread production throughout the United States. This has included industry-sized bakeries everywhere from Los Angeles and San Diego to Chicago and Memphis. The Wonder Bread Bakery served as a major production and distributor throughout the region, but in 2017, Wonder decided to stop production in its Memphis bakery. This left a large facility in the city without an owner or renters. However, this has recently changed as Development Services Group, a Memphis-based company, announced it had plans on using the building and the surrounding property to create a mixed-use facility as it has pumped a total of $73 million into the property.
New tenants bring new opportunities
There are a number of incoming tenants and opportunities springing out of the New Bakery developmental deal. The largest is currently Orion Federal Credit Union, as it is moving its headquarters into the facility (in the portion of the building facing the old Cadillac dealership). The credit union will be fully moved in by the summer.
The Orion credit union will bring in 150 jobs into the building, and this makes up just a portion of the professionals who will be moving into the facility. Other tenants will make their way into the building as construction completes.
Some tenants are currently in discussion with property management to move into the building. This includes a second location for the Memphis Made Brewing Company. Should the brewing company move into the property, it will be part of a $5.7 million project (tentatively called “The Ravine”). More tenants will be announced in the coming months as construction moves along.
Additional apartments for residents
The new construction will bring a number of apartment options into the community. With around 290 apartments, these properties will begin renting out in the spring of 2020. There will also be a parking structure on site for tenants (both professional and residential).
Another piece in the Memphis puzzle
The city of Memphis is a booming community. With over $15 billion in planned renovations and constructions, The Bakery is just another piece to the larger Memphis growth puzzle. At the conclusion of 2020, The Bakery and its $73 million renovations will breathe new life into the Edge District and the surrounding communities as it brings job opportunities and additional apartment options.
The former Wonder Bread Bakery will be known simply as “The Bakery” as it continues its development and construction. Currently, construction is set to be completed sometime in 2020, although as the construction is spread out, different portions of the building will be made available throughout the next 18 months. This will allow a flow of new tenants, both professional and residential, to move in over this time period. The new renovation is an exciting chapter in the Edge District, which is turning the page from a manufacturing destination for baked goods to a new facility that is designed for a wider number of job opportunities.