A major new development is coming to downtown Memphis, promising to reshape the city’s skyline and tech landscape. Legacy Power Capital, a real estate investment company, announced plans to build a massive “neural nexus” on two city blocks across from AutoZone Park.
The project, revealed Wednesday alongside the Greater Memphis Chamber and FedEx, is being described as a cutting-edge blend of technology, housing, workplaces, and public spaces. According to Legacy Power Capital, a neural nexus combines cloud computing infrastructure with mixed-use development, creating a hub designed to support large-scale AI projects.
“This will be the largest development in the history of Downtown Memphis,” said Ted Townsend, CEO of the Chamber. “It will reshape Downtown Memphis.” Townsend emphasized that this is not a traditional data center. “We’re talking about sovereign cloud computing,” he said.
Plans for the 1,742,400-square-foot project include a $125 million Innovation Center, 200,000 square feet of retail, 700 multifamily units, and an 800-key hotel, powered by approximately 70 megawatts of electricity. The site had previously been earmarked for a project called The Walk on Union, which stalled years ago. “Finding two city blocks available in the heart of a major U.S. city is unheard of,” said Geoff Simpson, principal and co-founder of the company.
In addition to tech infrastructure, the development will include office, residential, retail, and green spaces. Twenty-five percent of the district’s tax revenue will go toward infrastructure improvements within a five-mile radius, supporting roads, schools, and parks. Notably, the company does not plan to request tax incentives, though it will pursue private partnerships.
The University of Memphis and UT Health Science Center are reportedly exploring ways to use the site’s computing power for research, while Townsend says the project could attract additional tech companies to the city.
Townsend also highlighted $23.7 billion in recent capital investment in Memphis, marketed as the Digital Delta, including a major investment from xAI. “In 2025, we’ve landed 10 major projects across the Greater Memphis region—six new company recruitments and four expansions—creating 1,615 new jobs,” he said. “We used to chase companies. Now companies are chasing Memphis. You might say the underdog has become the overachiever.”
Chamber leaders are scheduled to discuss the new project Wednesday on News 3 At 3 with Alex Coleman.
