VOL. 126 | NO. 25 | Monday, February 7, 2011
2010 Brought $531M in Downtown Investment
By Andy Meek
What a year. That likely was the thought that went hand-in-hand with preparing the Center City Commission’s 2010 year-end recap, which is now posted online.
The numbers explain why:
Downtown saw $531 million in total completed investment during 2010.
Those completed private sector projects include the expansion of Le Bonheur Children’s Medical Center ($327 million); the completion of Court Square Center ($49 million); the Courtyard Marriott Downtown ($21.1 million); and the Barboro Flats mixed-use commercial and apartment development ($18.2 million).
There’s currently $2.4 billion in public and private investment in Downtown projects under way or that have recently been completed.
Nineteen new retailers opened their doors Downtown during 2010. Downtown also welcomed new restaurants, charter schools, a hotel and 2 higher learning institutions.
The CCC’s affiliate boards administered office and retail grants that secured almost 600,000 square feet of leased space Downtown during the year.
“Downtown’s 6.5 square miles is only a small part of Memphis – about 2 percent of its geographic area – but this relatively small space is our whole community’s brand and a powerful talent magnet that is also the answer to unsustainable sprawl,” the 2010 recap reads. “If we get this 6.5 square miles right, we can change our image, attract more people and jobs to our community and set ourselves on a path toward financial sustainability.”
Read the full recap here.