What’s New in Memphis:
Despite rising inflation and construction costs impacting the real estate industry, Memphis developers are hard at work across Tennessee and neighboring states. Several new development and redevelopment projects are underway to revitalize and expand residents’ housing stock. Here’s a look at the multi-million dollar multifamily developments and redevelopments on the way.
Rise on the Ravine
Memphis-based developer Development Services Group, recently announced updated plans for the development of a five-story Rise on the Ravine apartment complex. The project, including 266 multifamily units and a 320-space parking garage, has raised nearly $80 million in funding and will be the latest addition to the company’s Edge District master plan. Development Services Group expects to break ground in early 2023 and complete the project by mid-2026.
The Walk
Local Memphis development firm, Big River Development, is managing a major upcoming development project in downtown Memphis. Named “The Walk,” the project will be completed in multiple phases and cost the firm an estimated $1 billion. Phase one of the project will result in the construction of two hotels and more than 700 apartments. The hotels are expected to open in 2023.
Subsequent construction phases will include the development of office, retail, and recreation space, as well as several new multifamily units.
Brownstone Estates Subdivision
Many Memphis-based developers are also turning to neighboring cities and states for new development opportunities. Memphis-based P3 Group has partnered with D.R. Horton, the nation’s largest homebuilder, to develop a $60 million subdivision in Marion, Arkansas. The project will include 188 units located on 75 acres of land. Before vertical construction begins, P3 will construct the community’s infrastructure, including utilities, streets, sidewalks, sewers, and gutters. The project will play a role in addressing the county’s growing need for housing. Construction is expected to begin in March 2023 and be completed in early 2024.
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Tennessee Digest