Memphis moves closer to Fairgrounds deal
The city of Memphis has made a deal in hopes that it will help the city make another, Mid-south Fairgroundschanging deal.
After months of negotiations, the city of Memphis Division of Housing and Community Development executed a contract in April with M&M Enterprises, led by local developer James Maclin, to be a consultant for the development of the Mid-south Fairgrounds, according to public records.
The contract shows that the city of Memphis is still planning for the future of the Fairgrounds at a time when it and the Liberty Bowl are fenced off except for those needing to be tested for COVID-19. It also shows that the economic fallout from the epidemic hasn't muted the city's ambitions, at least so far.
Maclin's task: sign a deal with two developers for the Mid-south Fairgrounds — Capstone Development, to develop a hotel, and Cinergy Entertainment, to bring one of its multifaceted entertainment venues to the Mid-south Fairgrounds.
In February, The Commercial Appeal reported that city officials had met with and were in talks with Cinergy, but remained open and interested in negotiating with other entertainment venues.
The contract shows that, at least for the moment, the city's focus has narrowed. Maclin will be paid $75,000 for his services. And, if he inks a deal with Capstone for a hotel development, he will receive a $200,000 success fee. If Cinergy comes on board, Maclin would get a further $200,000.
If either development comes to fruition it would transform 18 acres of the Fairgrounds south of Central Avenue but north of the Liberty Bowl. Those developments are needed to help pay for the planned youth sports facility for which the city secured a Tourism Development Zone in late-2018.
Maclin's firm was initially supposed to be the developer for the Fairgrounds and had planned to develop multifamily housing, a hotel and some retail at the site. However, that deal did not progress much further and the city reoriented the project. The deal Maclin signed with the city is backdated to July 2019, shortly after he was announced as the project's developer.
Maclin could not be reached for comment before publication. Housing and Community Development Director Paul Young declined to comment.
Samuel Hardiman covers Memphis city government and politics for The Commercial Appeal. He can be reached by email at samuel.hardiman@commercialappeal.com or followed on Twitter at @samhardiman.