MEMPHIS, Tenn. — The City of Memphis will soon pour millions of dollars into the revitalization of Liberty Park. On Tuesday, city council unanimously voted to move forward with the 30-year ground lease, which will be the site of new housing, hotels and much more.
Part of the long-term ground lease for Liberty Park includes multiple 10-year renewal options.
The developments coming to Liberty Park include a family entertainment complex, an apartment complex that will span across two buildings and have 200 units. Also, a 150-room hotel will be built at the intersection of Maxwell and Central Avenue.
The City of Memphis is expected to invest $13 million, and the developer for the project will handle the remainder of the funds totaling $112 million.
Sharon Johnson has been a resident near Liberty Park for 43 years. She told ABC24 the funds coming from the city could be spent elsewhere. Johnson said she's not against public venues, just the 30-year lease.
"Most people already know the city is going to do, what the city's going to do sometimes regardless of what the taxpayer wants," Johnson said.
Marian Pinkney has been a resident for 17 years near Liberty Park. She said the developments coming to Liberty Park are long overdue.
"I was actually living here when Liberty Land was there and even after that, so I was here when they had the frisbee golf course. I've seen the incorporation of the dog park," Pinkney said.
Memphis City Council member Jerri Green said they've done their due diligence making sure they include stakeholders. She said the community development investments will benefit the city in the long term and increase sales tax.
"What you see reflected is our comfort level that all due diligence has been done and now we're going to be optimistic that it's going to generate income for the City of Memphis," Green said.
Construction on the development projects begin in 2025. Green told ABC24 there is not a tentative date for when the city will break ground for those projects. She said once tax dollars begin to matriculate, the city will reinvest those funds into nearby neighborhoods of Liberty Park.