VOL. 133 | NO. 123 | Wednesday, June 20, 2018
By Patrick Lantrip
The developers of the proposed Parkside at Shelby Farms project have applied for a tax-increment financing (TIF) designation to fund nearly $72 million in public infrastructure improvements to the area, including the construction of Shelby Farms Parkway.
The sprawling 60-plus-acre mixed-use project now carries a $375 million price tag, which is nearly double the cost of the Crosstown Concourse, according to an application filed with the Economic Development Growth Engine (EDGE) for Memphis and Shelby County.
If approved, nearly three quarters of the TIF expenditures for public improvements would go toward the construction of the project’s $31.5 million structured parking garage and the $12.2 million Shelby Farms Parkway, a four-lane road that would stretch through Shelby Farms Park from Walnut Grove to Whitten Road.
“Shelby Farms Parkway is a jointly funded roadway project more than 25 years in the making,” the application reads in part. “The local contribution will be fully funded through the TIF District Funds.”
The local contribution would equal 20 percent of the project, with federal contributions comprising the remaining 80 percent.
The Parkside at Shelby Farms planned development was originally approved by the Memphis City Council in April of 2016, and was amended to include a 130-room hotel in August of 2017.
In addition to the hotel and structured parking, Parkside is also slated to include 33,000 square feet of commercial and office space and more than 1,400 multifamily residences.
The project is expected to create 4,500 construction jobs and has a minority participation goal of 25 percent, or $93.7 million.
Over the next 20 years, the applicants estimate that approximately $76 million in taxes will go to the city and county with the remaining $96.3 million being funneled back in to the TIF district.
A TIF designation works by using the area’s new tax growth to finance public projects in the approved district, which in this case stretches as far north as Macon Road and Interstate 40 to south of Walnut Grove Road.
The development team, operating under the banner of Parkside at Shelby Farms LLC, includes Ron Coleman, Doug Windham, Bob Turner, Barry Leon, Calvin Anderson and Ernest Strickland. Dexter Muller of Pinnacle Planning Advisors and Richard Spore and Justin Starling of Bass Berry & Sims are handling the project’s financing.
The design team consists of Allen Hoshall, Dalhoff Architects, Kimley-Horn and Solomito Land Planning.
If approved at the Wednesday, June 20, EDGE board meeting, the developers are hoping to get the green light from the Shelby County Commission on July 9 and the Memphis City Council on July 10.
In other TIF-related news, the University Neighborhoods Development Corp. is seeking an amendment to the University District TIF that was approved in December of 2016.
The applicants also will go before the EDGE board Wednesday, July 20 to request an expansion of the scope of work they will by undertaking, which now includes interactive water features, wayfinding and district branding signs, security cameras and systems, additional bike lanes and racks, traffic-calming devices and public art.