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Parts of the long-awaited private development of Liberty Park could begin to become vertical next year, two city officials said Tuesday.
The city is in talks with Capstone Development for a land lease for a small hotel and continues to renegotiate a letter of intent with Texas-based entertainment venue High 5 Entertainment, which could bring bowling and laser tag to the Liberty Park District, A new brand for the city in the northwest corner of Liberty Park.
A private part of Liberty Park has been committed for many years. The City of Memphis first announced plans for a hotel and mixed-use development in mid-2019.Then, in 2020, plans changed, and the city announced Deal with Capstone and High 5 Entertainment.put up At one point it was expected to be in 2021 or 2022.
Ashley Cash, the city’s head of housing and community development, said she expects both developments to begin construction and “verticalize” in the second quarter of 2023.
Capstone expects to build a 200-room hotel, 200 apartments, restaurant and hotel cocktail lounge on the site. It and High 5 are expected to open in 2024, the city said Tuesday. The city is also looking for another entertainment venue for the location.The development will also feature a new road, Larry Finch Lane, which starts with University of Memphis basketball player and coach Larry Finch.
Marie Claire Boris, strategic program manager at the city’s Department of Housing and Community Development, said the city is in extensive negotiations with Capstone over long-term land leases. The lease is to maintain control over the urban land used by the project. Borys and Cash gave an update on the Liberty Park District at a Memphis City Council committee meeting on Tuesday. Meanwhile, the city is completing construction of a youth sports facility that will open in December, and the city is seeking significant state funding for a planned $150-200 million renovation of Simmons Liberty Stadium and proposed replacement of the Mid- South Coliseum, with a 901 FC football field.
Gym has some hope
Doug McGowen, the city’s chief operating officer, said he encouraged those who wanted to Save Zhongnan Stadium Continue to make plans for its future. He said the city will look for alternatives at the site if the bulk of state funding requests don’t go through.
Over the years, a dedicated group of community members has worked to save and revitalize this arena that holds a strong place in Memphis memory. Revealed in Memphis Mayor Jim Strickland He planned to replace the arena, and they said they hoped it could be saved.
McGowan said the city will continue to work on a contingency plan for its mega-stadium requirements — it has a $684 million stadium renovation plan — if state funding for those projects isn’t in place. He noted that the city is developing contingency plans for the renovation of the FedEx Forum, specifically a long-term lease with the NBA’s Memphis Grizzlies.
The city has asked the state for $350 million in cash and has allowed the hotel/motel tax to be raised to 5 percent. It’s also asking for an extension of car rental fees and sales tax rebates, which cover nearly all of FedExForum’s expenses. It wants to extend these flows to 2053. The money currently pays off the stadium’s current debt and will likely pay off debt associated with the long-term renovation of the Forum.
Samuel Hardiman covers Memphis city government and politics for Appeal for Business. He can be reached via email at samuel.hardiman@commercialappeal.com or follow @samhardiman on Twitter.
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