Posted Jul 14, 2024, 1:24 AM
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Join Date: May 2023
Location: JXN Mississippi
Posts: 1,120
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The Walk on Union moving forward again, developers say
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MEMPHIS, Tenn. — Developers with The Walk — originally named Union Row — said Wednesday they are moving forward with a redevelopment plan for the site near downtown Memphis “that can be delivered under existing market conditions.”
In 2018, developers announced a major mixed-use project that was set to add hundreds of apartments, retail, restaurants, and a grocery store to Union Avenue downtown.
The site between Union and Beale, across from AutoZone Park, has remained undeveloped since then, and a tax incentive extension for the project expired at the end of last month.
But the development group says it appear before the Center City Revenue Finance Corporation at its August meeting.
“The Walk principals remain fully committed to Memphis and the continued redevelopment of downtown’s major gateway. We have restructured our partnership group and are finalizing joint venture documentation with a new local development partner,” a representative for the development group said by email.
“Our team has invested more than $50 million to date and believes our new partnership will create the combined synergies necessary to realize our vision for the Walk. We take seriously our responsibility to deliver this transformational project to the region and look forward to a continued partnership with the Downtown Memphis Commission and the broader community.”
When it was first announced in 2019, the nearly-$1 billion project promised to transform the downtown gateway between Sun Studio and the Peabody Hotel.
Construction was supposed to begin in 2020. Plans included a grocery store, restaurants and bars, offices, parking garages, and more than 500 apartments. HUD Secretary Ben Carson visited the site in 2019.
https://wreg.com/news/local/the-walk...evelopers-say/
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Funding secured for new I-55 bridge in Memphis
• Video Link
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MEMPHIS, Tenn. — A new I-55 bridge will replace the current, aging bridge that crosses the Mississippi River, state and federal officials announced Friday.
Congressman Steve Cohen announced on Friday that the Tennessee and Arkansas Departments of Transportation secured over $393 million for the new I-55 bridge, which will be known as “America’s River Crossing.”
In addition to the nearly $400 million investment from the U.S. Department of Transportation, the Tennessee Department of Transportation, and the Arkansas Department of Transportation have each committed up to $250 million to the project.
The $800 million project will mark the single-largest transportation investment in Tennessee history, according to the governor.
“This unprecedented investment in Memphis marks the single-largest transportation investment in Tennessee state history and will be transformative for our infrastructure,” said Gov. Lee. “The new I-55 Bridge will not only enhance safety and efficiency but also improve multimodal connectivity and strengthen our economic vitality by facilitating smoother freight movement and improving accessibility in our region.”
“I’m proud to have worked with the President, the U.S. Department of Transportation, as well as the outstanding team in Memphis and the governor’s office in successfully getting this extremely large and necessary grant for the construction of the new bridge,” said Cohen. “As President Biden would say, ‘This is a big…deal!’ And it sure is: Probably the biggest investment made in Memphis by the federal government ever.”
“These investments demonstrate a collaborative effort to fund this bridge replacement and meet infrastructure needs of the region,” said Gov. Lee.
According to a press release, by 2050, the “state-of-the-art” I-55 bridge is projected to accommodate approximately 64,000 vehicles each day – a much higher amount compared to the 48,000 vehicles the current bridge sees daily.
“The project aims to reduce traffic congestion, lower accident rates, and optimize traffic flow, thereby bolstering local and regional transportation networks,” said Gov. Lee.
The current I-55 bridge has been undergoing construction over the past several months. According to the Tennessee Department of Transportation, the bridge was “not designed for modern interstate standards.”
Cohen also mentioned that “it is believed [the bridge] would be vulnerable to serious damage in an earthquake and is far out of date.”
The Tennessee Department of Transportation announced in May of this year that they were studying plans for a new bridge to replace the current 75-year-old bridge that connects Memphis and Arkansas.
TDOT said they had applied for a large bridge grant with the Federal Highway Administration around that time and had been waiting for approval.
Mayor Paul Young said the project will further cement Memphis being the transportation hub of the nation.
“This historic investment in Memphis will help further connect our community with the region and the world. Memphis’ prominence as a logistics hub is made stronger by the investment in this key piece of infrastructure and we are honored by the grant,” said Memphis Mayor Paul Young.
We spoke with Memphis City Council members who agreed that this win for the city will help boost the local economy.
“We assume that when they build a new bridge the talent will come from the city of Memphis, we are putting people to work and what they say is if you put dollars in people’s pockets, they are less likely to commit crimes. And when we talk about public safety, we’re creating jobs. That’s how you truly get to domestic tranquility,” said Memphis City Councilman JB Smiley.
The current bridge was built in 1949 and was placed on the National Register of Historic Places in 2001.
TDOT does not have an estimated timeline for construction of the new bridge to begin.
https://wreg.com/news/local/new-393m...issippi-river/
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