Study shows $8.5 billion in Memphis redevelopment

Look around us — Memphis is gaining momentum. I feel that way every time I think of St. Jude’s expansion, every time I drive by (and look up at) Crosstown Concourse, and every time I see how quickly the old Peabody Place mall is turning into ServiceMaster’s headquarters.

But now, thanks to some research conducted by Cushman & Wakefield/ Commercial Advisors, we’re able to see that more clearly.

Last week, the firm publicly released the results of some in-depth research it conducted: There is $8.5 billion in recent, current or proposed development in the Memphis metropolitan area. That’s right — almost $9 billion. Those findings are available on a website the firm has made available to the public: www.901renews.com.

Even better, from my perspective? The lion’s share of that development is happening within our own city limits — $6.9 billion.

But the findings mean more than just a dollar figure, though that figure is impressive. They speak to the character of our city.

See, most of the highest-profile projects in those billions of dollars are repurposing our past. Sure, there are some impressive ground-up projects. But in an authentic, unique city like Memphis, these findings ensure that we can think about our own growth in an authentic, unique way. Think Crosstown, not cranes. Yes, there is the Crosstown Concourse project, one that for 20 years people said was a lost cause — but is set to open in the spring. Yes, there is the Tennessee Brewery project, one that for 60 years was undoable — but is in full swing. There’s Central Station, Broad Avenue, Shelby Farms Park — and, of course, a big Bass Pro Shops inside the once-abandoned Pyramid.

To be sure, we don’t tout this today as a panacea. Our major challenges as a city remain, and we must do all we can on city government’s part to ensure more and more future development impacts all corners of our city. While there are sparks — I’m convinced Whitehaven is about to boom, thanks in part to Graceland’s multimillion-dollar expansions — there needs to be more.

That’s a hurdle city government is committed to jump, and we think we’re on the right path with a renewed commitment to solid, core services, including public safety, infrastructure and data-driven decision making.

We’re frank about stating that city government itself can’t bring business and growth to disinvested areas. Instead, I firmly believe that running an efficient, responsible government is the best part city government can play in enabling all the good in Memphis to grow — in all of Memphis. If we take care of our end of the bargain, it’s easier for the private sector to take care of its end.

Yet, our whole city can celebrate the undeniable momentum that we’re experiencing. It is a shared experience: Our momentum may be creating a job for your neighbor — and it’s generating tax revenue that we apply across the city.

It is uniquely Memphis, that when we take stock of our progress, we take stock of it in a different way than any other city. Our momentum is about rebirth and reinvention, and our continued momentum will be come from grinding and discipline.

We’re Memphis. We wouldn’t have it any other way.

Jim Strickland is the mayor of Memphis.