Crosstown Concourse signals Midtown Memphis resurgence
MEMPHIS – Partners in the Crosstown redevelopment project held a block party to celebrate the beginning of work on the old Sears Crosstown building recently. The group also unveiled a new name for the project, branding it as the Crosstown Concourse.
Officially construction began in January to clear the way for the $200 million redevelopment project that will convert the 1.4 million-square-foot Sears building into new “vertical urban village” incorporating retail, office and residential space. The project will be completed in 2017, when the founding partners in the coalition planning the project will be among the first tenants.
The commitment of Crosstown Arts, Church Health Center, Memphis Teacher Residency, Gestalt Community Schools, ALSAC/St. Jude, and Methodist Le Bonheur Healthcare were instrumental in gaining support for the project over the two years it took to bring the plan to the construction stage. In a report in The Memphis Flyer, McLean Wilson, a principle in Kemmons Wilson Inc. and one of the leaders on the project confirmed that funding has been fully secured from a mix of 21 public, private and philanthropic sources.
The project is expected to create 1,000 temporary jobs with a combined annual payroll of $36,000 million during construction, and 800 permanent jobs with a combined annual payroll of $50 million. The building will attract an estimated 3,000 residents and visitors on a daily basis.
The development team is working to find tenants for about 60,000 square feet of retail spaces planned for the ground floor. The plan also calls for 265 loft apartments that will provide ready customers for restaurants, coffee shops and a grocery store.
Image courtesy of Crosstown Concourse
Source: The Memphis Flyer
Source: Memphis Business Journal