(Carl Cronan is editor of Real Estate Florida.)
MIAMI-Locally based WSG Development Co. has received local approval for a 28-acre mixed-use development in Memphis, TN that is slated to start construction next spring. The proposed project will include two retail anchors plus restaurants and a residential component.
GlobeSt.com previously reported that the project, called Midtown Memphis, is expected to cost between $160 million and $180 million, with groundbreaking anticipated before the end of this year. Conceptual plans include 600,000 sf of retail, at least 50,000 sf of class A office space and 200 apartments and townhomes, all in a pedestrian-friendly lifestyle center setting.
WSG Development says it has been working over the past four years to acquire the land for Midtown Memphis, which will take up six city blocks along Poplar Avenue. A total of 150 separate parcels were involved in assembling the site.
The company's local entity, WSG Memphis LLC, pledges to work with Memphis and Shelby County officials in developing the property. Robert Lipscomb, City of Memphis CFO, says the project "is integral to the revitalization of this area and an exciting addition to the Memphis landscape."
The Midtown Memphis project will be in proximity to the city's medical district as well as several historic neighborhoods. A spokeswoman for WSG Development says a number of national chains have expressed an interest, though she declined to disclose any other details.
WSG Development was founded in 1995 by Eric Sheppard and Philip Wolman and specializes in acquisition, development and construction of commercial and residential real estate in 15 states from Florida to Colorado. The firm has developed more than 60 projects with a focus on underperforming locations.
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