The Walk on Union | $950M mixed-use development proposed for Downtown

[Memphisborn]

9 hours ago, The Guardian of Memphis said:

I wouldn’t blame everything on leadership, but I’m not ashamed enough to say that things could be better with all the facts that our honorable fellow poster jjbradley has brought out. He does make balanced posts and doesn’t go to the extreme. However, I have not seen his posts in other forums, but I will say that I hope his critiques of other cities are the same as it is here. There seems to be a propensity to always point out the negatives of Memphis no matter what. There’s always a catch. From my views of other forums, it only seems to be in this one. I don’t know why Memphis is always an easy target for people to throw darts at. Not a boo hoo statement but it’s true. Tired of that. 

I understand that. 

[dxfret]

Memphis has been stagnant for decades, always among the most sluggish cities for growth and development in the country.  The negatives (crime, poverty, declining population, unskilled workforce, tepid economy, weak public/private leadership) have simply not improved.  
These delays, cancellations and missteps are embarrassing for the city and don’t help turn things around.  The population stagnation alone is a huge red flag. Smaller projects will continue to be the norm. It would be great to see something major actually happen, but until the negatives improve they will continue to hold back badly needed development.  

[Memphisborn]

1 hour ago, dxfret said:

Memphis has been stagnant for decades, always among the most sluggish cities for growth and development in the country.  The negatives (crime, poverty, declining population, unskilled workforce, tepid economy, weak public/private leadership) have simply not improved.  
These delays, cancellations and missteps are embarrassing for the city and don’t help turn things around.  The population stagnation alone is a huge red flag. Smaller projects will continue to be the norm. It would be great to see something major actually happen, but until the negatives improve they will continue to hold back badly needed development.  

I believe people have a right to there point of view however be prepared to be opposed if others have a different view. We have some issues any mature person would have to say that. Those issues are not isolated to Memphis. Chicago, Cleveland, Detroit, etc all have major crime & poverty issues Detroit even filed bankruptcy and became a desolate city. I believe in the potential of Memphis we just have to remain positive and continue to build on what we have. 
1) 100N main

2) Sheraton Hotel addition 

3) Dream Hotel

4) TLP

5) Mud Island/ amphitheater and other stated and proposed projects. Walk on union, Blues Note hotel, new 901 fc stadium. Renovated LB, liberty park additional projects hotel/ retail/ entertainment. All these projects have either broke ground or been approved. Let’s just hope the bond markets turn around soon. These projects are world class and hopefully they happen. 

Edited November 6, 2022 by Memphisborn

[The Guardian of Memphis]

11 hours ago, Memphisborn said:

I believe people have a right to there point of view however be prepared to be opposed if others have a different view. We have some issues any mature person would have to say that. Those issues are not isolated to Memphis. Chicago, Cleveland, Detroit, etc all have major crime & poverty issues Detroit even filed bankruptcy and became a desolate city. I believe in the potential of Memphis we just have to remain positive and continue to build on what we have. 
1) 100N main

2) Sheraton Hotel addition 

3) Dream Hotel

4) TLP

5) Mud Island/ amphitheater and other stated and proposed projects. Walk on union, Blues Note hotel, new 901 fc stadium. Renovated LB, liberty park additional projects hotel/ retail/ entertainment. All these projects have either broke ground or been approved. Let’s just hope the bond markets turn around soon. These projects are world class and hopefully they happen. 

I totally agree. Well said. They are free to post whatever they want. I was going to mention chicago as a comparison but didn’t want to go down that road. Never hear of anyone throwing darts at them. I never view chicago in a negative light. No one ever has to apologize for being from chicago, but Memphis? It’s the other way around. 

[knightrider162]

In the business journal's update about 100 N. Main, they mentioned that the developers for The Walk will likely be asking for a financing extension at the December board meeting for the DMC. Good to know that the current developers are still pursuing this project.

[jjbradleyBrooklyn]

7 hours ago, knightrider162 said:

In the business journal's update about 100 N. Main, they mentioned that the developers for The Walk will likely be asking for a financing extension at the December board meeting for the DMC. Good to know that the current developers are still pursuing this project.

Good news! 

This development would be exciting to see happen. Bridging the gap between downtown and the medical district/midtown.

[Memphisborn]

13 hours ago, jjbradleyBrooklyn said:

Good news! 

This development would be exciting to see happen. Bridging the gap between downtown and the medical district/midtown.

Yea I agree the Walk is a game changer hopefully it will break ground 2023. It will change the face of downtown Memphis forever. 

[VSRJ]

Just kicking the can down the road at this point...so frustrating.

The Walk on Union delayed again, gets 18-month extension to secure financing

https://www.bizjournals.com/memphis/news/2022/12/13/the-walk-on-union-ccrfc-extension-financing-pilot.html

Quote

For the second time this year, the Center City Revenue Finance Corp. (CCRFC) approved an extension request from the developers behind The Walk on Union to amend the development agreement to give them even more time to secure financing.

The $741 million proposed mega development received a six-month extension back in April and now has received an 18-month extension to June 2024 to secure financing and break ground on the $143 million first phase. The vote at the Dec. 13, 2022, meeting was unanimous, with chairman Eric Matthews recusing. The CCRFC is an affiliate board of the Downtown Memphis Commission.

The Walk also received a modification for the deadline to close all PILOT leases and pay the PILOT fees required by the development agreement. The new deadline: December 31, 2025.

Edited December 13, 2022 by VSRJ

[JTM1]

1 hour ago, VSRJ said:

Just kicking the can down the road at this point...so frustrating.

The Walk on Union delayed again, gets 18-month extension to secure financing

https://www.bizjournals.com/memphis/news/2022/12/13/the-walk-on-union-ccrfc-extension-financing-pilot.html

I was told by someone that has worked on the design, the wait is going to be worth it. 

[Memphisborn]

2 hours ago, JTM1 said:

I was told by someone that has worked on the design, the wait is going to be worth it. 

Hope so, it was first announced in 2018. But better to do it right and give that wow factor than just put what u can for now. 

[TheKernel91]

7 hours ago, JTM1 said:

I was told by someone that has worked on the design, the wait is going to be worth it. 

I believe it. It'll be nice if shovels get to  moving not later than the 2nd Q of 2023

[jjbradleyBrooklyn]

Glad to hear it's still alive. 

A long, long wait, but hopefully it will be worth it. Also, it will be so nice to have the infill density that this project will bring to that part of Memphis.

[jjbradleyBrooklyn]

Since it's been a little more than a year when an 18-month extension was announced, does anyone have an inside scoop on if this will actually break ground in roughly June of 2024?

Personally, I think in this tough commercial and residential lending market, that unless the developers have a strong track record, deep pockets and the ability to finance this project, a ground breaking seems unlikely in 2024.

Hoping they can actually get this development started. It seems like a no-brainer location, a money making project, and a fantastic dense infill development. 

Let's hope this gets going!

[Memphisborn]

4 hours ago, jjbradleyBrooklyn said:

Since it's been a little more than a year when an 18-month extension was announced, does anyone have an inside scoop on if this will actually break ground in roughly June of 2024?

Personally, I think in this tough commercial and residential lending market, that unless the developers have a strong track record, deep pockets and the ability to finance this project, a ground breaking seems unlikely in 2024.

Hoping they can actually get this development started. It seems like a no-brainer location, a money making project, and a fantastic dense infill development. 

Let's hope this gets going!

What can help move this is if 901fc leadership can partner to build soccer specific stadium on approx 8-10 acres of the land. That would increase the revenue producing foot traffic/ parking sales tax etc to help jumpstart groundbreaking. Of course that’s going to require 901 fc going back to state for funds. That’s my view 

[Memphis4ever]

1 hour ago, Memphisborn said:

What can help move this is if 901fc leadership can partner to build soccer specific stadium on approx 8-10 acres of the land. That would increase the revenue producing foot traffic/ parking sales tax etc to help jumpstart groundbreaking. Of course that’s going to require 901 fc going back to state for funds. That’s my view 

There is no money and not enough game attendance for a soccer stadium here.  So that wont happen.  I thought the hotel groups had signed on this project could move forward if they built it in smaller blocks vs the entire site.

[JTM1]

On 12/29/2023 at 10:31 PM, Memphisborn said:

What can help move this is if 901fc leadership can partner to build soccer specific stadium on approx 8-10 acres of the land. That would increase the revenue producing foot traffic/ parking sales tax etc to help jumpstart groundbreaking. Of course that’s going to require 901 fc going back to state for funds. That’s my view 

 

https://www.commercialappeal.com/story/sports/columnists/mark-giannotto/2023/12/28/fedex-fred-smith-memphis-grizzlies-fedexforum-liberty-stadium-renovations-tigers-usfl-pga-tour/71859952007/

According to Richard Smith, the renovation of FedEx Forum has caused a delay in a lot of what's happening downtown.  The cost of what the Grizzlies want to do is $550 million and what that lady told me is making sense now.  I also expect the soccer stadium to get its funding too. 

Edited January 2 by JTM1

[Memphis4ever]

2 hours ago, JTM1 said:

According to Richard Smith, the renovation of FedEx Forum has caused a delay in a lot of what's happening downtown.  The cost of what the Grizzlies want to do is $550 million and what that lady told me is making sense now.  I also expect the soccer stadium to get its funding too. 

I mean at $550 million im already assuming they are going to build a new arena.  That is just a ridiculous cost for a renovation.

[VSRJ]

And really, what are they going to do? It doesn't even seem that outdated, but I'm no expert in arena amenities — maybe there are less-obvious improvements needed.

[MDC26]

8 hours ago, VSRJ said:

And really, what are they going to do? It doesn't even seem that outdated, but I'm no expert in arena amenities — maybe there are less-obvious improvements needed.

I think the biggest issue was, when they built the arena, they did not put in enough lower level seating.  Those are the premium seats, and they do not have enough.  I think the are wanting to completely reconfigure the seating arrangement to increase lower level seating, and decrease upper level seating, which would help increase revenue, and would also increase chances of hosting NBA All-Star game, as Memphis is only one of 4 cities to never host.

[JTM1]

22 hours ago, Memphis4ever said:

I mean at $550 million im already assuming they are going to build a new arena.  That is just a ridiculous cost for a renovation.

You would think that would be the case.  I was there last night, and will be there again tonight, and I don't see $550 million worth of work needed doing. 

I was told they're not just focusing on the inside of the arena, but the area surrounding the arena too. I'm sure there will be upgrades or maybe a new practice facility included in this too. My wife believes some of the private investment that's waiting for this deal to finalize will include a hotel attached to FedEx Forum. 

I am  going to ask Kleiman or Wexler if I see them tonight about what the remodel will look like. 

7 hours ago, MDC26 said:

I think the biggest issue was, when they built the arena, they did not put in enough lower level seating.  Those are the premium seats, and they do not have enough.  I think the are wanting to completely reconfigure the seating arrangement to increase lower level seating, and decrease upper level seating, which would help increase revenue, and would also increase chances of hosting NBA All-Star game, as Memphis is only one of 4 cities to never host.

But is that $550 million and  would this also add more suites? 

[Memphisborn]

On 1/3/2024 at 4:08 PM, JTM1 said:

You would think that would be the case.  I was there last night, and will be there again tonight, and I don't see $550 million worth of work needed doing. 

I was told they're not just focusing on the inside of the arena, but the area surrounding the arena too. I'm sure there will be upgrades or maybe a new practice facility included in this too. My wife believes some of the private investment that's waiting for this deal to finalize will include a hotel attached to FedEx Forum. 

I am  going to ask Kleiman or Wexler if I see them tonight about what the remodel will look like. 

But is that $550 million and  would this also add more suites? 

Hopefully that type of investment would include a Hotel as well as other facilities.  The vacant lot where the clipper was planned is also a location where development for the Grizzlies could happen 

Edited January 5 by Memphisborn

[MDC26]

16 hours ago, JTM1 said:

You would think that would be the case.  I was there last night, and will be there again tonight, and I don't see $550 million worth of work needed doing. 

I was told they're not just focusing on the inside of the arena, but the area surrounding the arena too. I'm sure there will be upgrades or maybe a new practice facility included in this too. My wife believes some of the private investment that's waiting for this deal to finalize will include a hotel attached to FedEx Forum. 

I am  going to ask Kleiman or Wexler if I see them tonight about what the remodel will look like. 

But is that $550 million and  would this also add more suites? 

The Clippers will open their new arena next season at a price tag of $2 Billion.  From what I've read, they plan to gut the interior of FEF and complete reconfigure the seating.  Not sure what else is planned.  

[TheKernel91]

8 hours ago, MDC26 said:

The Clippers will open their new arena next season at a price tag of $2 Billion.  From what I've read, they plan to gut the interior of FEF and complete reconfigure the seating.  Not sure what else is planned.  

I wonder will that cut into the season and cause the Grizzlies to play elsewhere? Same as the Tigers at The Liberty Bowl. 

[James Owen]

1 hour ago, TheKernel91 said:

I wonder will that cut into the season and cause the Grizzlies to play elsewhere? Same as the Tigers at The Liberty Bowl. 

The short answer is no in both cases. The longer, more realistic answer is everything will be done in phases in between seasons over a 2-3 year span during times in which there is little activity going on in those buildings, and will not require a temporary relocation.

Edited January 5 by James Owen

[MDC26]

15 hours ago, James Owen said:

The short answer is no in both cases. The longer, more realistic answer is everything will be done in phases in between seasons over a 2-3 year span during times in which there is little activity going on in those buildings, and will not require a temporary relocation.

Correct, but there's always the possibility that a playoff run, or construction delays could complicate things.  This could cause the relocation of part of the season.  Most likely, would move games to Southaven.  Also, could be a chance to play a game or two in Little Rock, or Nashville.  The Tigers would likely just stick with the Landers Center, so fortunately, its close by.  The off-season is a little over 6 months, if playoffs are not taken into consideration.  If they do plan to gut the seating and completely rearrange it, it would require speedy construction.