VOL. 133 | NO. 178 | Friday, September 7, 2018
Southbrook Developers Secure ‘Last Piece’ of Funding
Special to The Daily News
This fall, Southbrook Properties Inc. will put the finishing touches on turning the former mall into the new Southbrook Towne Center.
On Thursday, Sept. 6, the Economic Development Growth Engine (EDGE) for Memphis and Shelby County board approved a development agreement in which EDGE will oversee the use of $1.5 million in economic development funds from Shelby County to revitalize the property into a community hub for Whitehaven.
“This is the last piece we needed to complete our interior,” said Belinda Tate with Southbrook Properties. “We have a lot of people that live in Whitehaven and have been there for many, many years who have to go outside of Whitehaven, so we are trying to revitalize (the property) to cater to the community.”
The $1.5 million from the county will be used to ready the interior for tenants. About half of the 250,000-square-foot mall is available for lease. About 60 percent of the available space already has commitments, with several tenants relocating to the center from Southland Mall across the street.
The rest of the square footage consists of the former movie theater space, which is being renovated into a performing arts center. The building also houses a 5,000-square-foot banquet hall.
“We’re calling this the towne center because we’re so much more than retail,” Tate said.
There also are plans for the community space to include a satellite campus for LeMoyne-Owen College, a barber school and government services. Funding from the county is being met with a $2.1 million commitment from the city of Memphis as well as $1.8 million in city Capital Improvement Project funds.
Southbrook Properties has a target date to open the Southbrook Towne Center this fall.
In other news, Allworld Project Management secured two contracts with EDGE as construction consultants on the Southbrook Towne Center project and Highland Strip TIF Project.
Allworld founder and president Michael Hooks Jr. said the contracts with EDGE felt like a bit of a homecoming.
In 2012, Allworld worked with EDGE to develop a diversity spend plan for its PILOT program.