Memphis is reinventing itself with an estimated $15 billion in current and upcoming construction projects throughout the city. None of these projects are larger than the Union Row project, which is an estimated $950 million development set to break ground on over 20 acres of mostly vacant downtown Memphis land. This project will truly transform not just the downtown area but the entire city.
Beginning the first phase of Union Row
Phase 1 of Union Row is set to cost nearly $512 million and will establish the necessary foundation for the rest of the project, which will cost another $400-plus million. The project itself will help create hundreds if not thousands of full-time jobs of varying skill sets.
The Union Row Phase 1 portion of the project will include 30,000 square feet of market and grocer space. It will also include 80,000 square feet of retail space, plus 350,000 square feet of office space. There will be a built-in hotel in the space with 200 rooms, plus residential apartment space with an estimated 793 units. There will also be ample parking available for Union Row, with over 2,000 spaces.
Filling a new in open space
Before the start of the construction, the area of the city offered very little to the surrounding community. In fact, 65 percent of the area was vacant. This has left residents with fewer opportunities and has created a tax burden for the rest of the city because it still requires taxpayer money to power street lights at night and police the area. The massive project of Union Row will help provide the necessary boost in residents and businesses to make up for this lack of tax revenue.
Currently, it is believed that Union Row, once construction is complete, will make a $228 million annual impact. This will pay for the entire cost of development in only four years. It will also bring in an estimated 5,100 jobs when fully staffed. Additionally, the current land, prior to construction, brings in $50,000 of property taxes to the city. Following the completion of construction, it will bring in $3.2 million in additional taxes
The completion of Phase 1 will see the completion of the 200-room hotel and grocery store. It will also be the phase in which most of the apartment units will be completed. Phase 2 and Phase 3 will add on to the completed areas of the building. Construction of Phase 1 is set to be complete in August of 2021. This is the bulk of construction, so the remaining two phases will not take as long. An estimated time frame for the final two phases is not yet available as it will depend on when the city gives full approval for the beginning of the subsequent phases.
It is an exciting time for Memphis as construction projects dot much of the surrounding region. One of the largest planned projects is Union Row.