Price of project put at $200M

Town center development proposed for Germantown

Developers have proposed a major mixed-use development in Germantown’s central business district with a total price tag of about $200 million, which would make it one of the largest capital spending projects in the Memphis area in recent years.

The new project, dubbed the Germantown Town Center, would be built around the Iberia Bank near the intersection of West Street and Poplar Avenue, just west of the Saddle Creek shopping center. The development would put about 21 new structures on what’s now a wooded area behind the bank and include two parking decks, a hotel, movie theater, restaurants, office spaces and retail stores with apartment spaces above them.

It would also include a dog park, a man-made pond and a recreational area next to the pond that developers are calling a food hall and promenade.

Scott Taylor, president and CEO of Atlanta developer Carter & Associates, said the development partners will seek tax increment financing of more than $30 million to support infrastructure at the site, particularly the construction of two parking decks.

The entire space is meant to be walkable. “What we believe this truly adds to Germantown is that town center,” Taylor said.

Taylor said his company is working with two partners to find retailers to lease space at the site: Jeffrey R. Anderson Real Estate of Cincinnati and John Elkington of Memphis.

Developers haven’t yet closed on the purchase of the land, which is known as the Arthur tract, Taylor said.