The future figures
Rent cost, job creation estimates revealed
The team of developers behind the $950 million Union Row development that promises to transform Downtown Memphis filed an application for a 30year tax incentive, which was released Thursday.
It revealed even more information about Phase 1 of the massive project that will cost about $511 million and span 11 acres along Union Avenue, Danny Thomas Boulevard and Beale Street.
Here are six things you need to know: ❚ The average price of rent for the 793 apartments planned for the development will be $1,441. If the apartments maintain a 98 percent occupancy rate, that will bring an extra $13.4 million in rent Downtown each year.
❚ There will be between 30,000 and 50,000 square feet dedicated to a grocery store serving Downtown and another 80,000 square feet for retail stores, restaurants and bars.
❚ Thousands of jobs will be created directly and indirectly related to the development. About 4,731 construction jobs are expected to be created just to build Union Row. Another 4,317 permanent jobs are expected to come later. Those employees would work in the apartment buildings, hotels, retail stores, offices and restaurants.
❚ About 350,000 square feet of the development will be dedicated to office space. Developers estimate that would make room for an additional 1,167 office employees to work Downtown. These, however, won’t necessarily be new jobs.
❚ The tax incentive the developers are requesting is a 30-year tax-increment financing. If granted, the project would incur a larger annual tax bill than a project that received a payment-inlieu-of-taxes incentive. The additional tax money, though, would go back into the project to fund infrastructure improvements. The Center City Revenue Finance Corp. will vote on the incentive Tuesday.
❚ The project is expected to begin as early as June and would take about two years to complete.
Desiree Stennett can be reached at desiree.stennett@commercialappeal. com or 901-529-2738 or on Twitter: @desi_stennett.