WSG has submitted a site plan to the city for approval. Current plans for the project include 200 apartments and townhomes, 50,000 to 60,000 sf of class A office, a hotel and 600,000 sf of retail. WSG is hoping to break ground by the end of the year with an anticipated completion date of winter 2009, WSG Development president and CEO Eric Sheppard tells GlobeSt.com.

The project will be located on six blocks of a blighted urban area. It took WSG four years to acquire the 150 separate parcels which make up the project site. WSG Development will develop the project in cooperation with the City of Memphis and the Memphis and Shelby County Community Redevelopment Agency. "This property is integral to the revitalization of this area and an exciting addition to the Memphis landscape," says City of Memphis CFO Robert Lipscomb, in a prepared statement.

The proposed project is located in close proximity to the Memphis Medical District, which is the home to several hospitals and universities. It is also close to the historic neighborhoods of Evergreen, Madison Heights and Central Gardens. "There's pent-up demand for retail in the area," Sheppard says.