Town Center plan promises big economic boost to area

The overgrown farm that backs up to tony retail area Saddle Creek South could be Germantown’s future cash cow.

The proposed Germantown Town Center could help gin up more than $100 million in new sales taxes over 30 years and spur 800 new jobs, based on the developer’s preliminary analysis.

The $200-million, mixed-use development could be a shot in the arm for a community striving to expand its tax base without sacrificing qualities that have long made it a premier Memphis suburb.

If it happens, Germantown will have attracted $440 million in just three mixed-use projects guided by the city’s Smart Growth policy. It would join $150 million Thornwood and $90 million TraVure as developments where residents can live, work, play — and shop.

Carter, an Atlanta-based real estate developer, proposed Germantown Town Center on a 32-acre agricultural tract that wraps around Iberia Bank at 7465 Poplar, extends south to Poplar Pike and backs up to Saddle Creek’s south section.

Memphis real estate executive John Elkington, the former longtime manager of Beale Street, lobbied Carter to take on the Germantown project, which has been the subject of a succession of plans over the years.

“I had to sell them,” said Elkington. “It took eight months to convince them that Memphis, Germantown and Shelby County was a place they wanted to be.”

Scott Taylor, president and chief executive of Carter, worked with project partners Elkington Real Estate Group and Cincinnati-based Anderson Properties on The Banks, a massive mixed-use project in Cincinnati.

“Without a doubt, John was the link that made us aware of this opportunity and represented the incredible mixeduse potential that this site offered,” Taylor said.

“We believe Germantown reflects so positively on so many levels,” Taylor said. “It’s a unique community with fantastic demographics. We believe it is well situated for a dynamic, active, town center-like development, one that is truly walkable and pedestrian-friendly, where you have unique restaurants and entertainment options, shopping, hospitality, all combined in one very manageable experience.”

What developers believe would set