MEMPHIS, Tenn. — Developers are one step closer to revitalizing Liberty Park.
The City of Memphis approved the long-term leases on three sites at Liberty Park. The approval will bring in housing, a hotel and more.
Memphis Housing and Community Development Director Ashley Cash went before Memphis City Council Tuesday morning to ask for approval on three lease deals.
The three development projects are High 5 Entertainment, a family entertainment complex; an apartment complex, which will span across two buildings and have 200 units; and a 150-room hotel to be built at the intersection of Maxwell and Central Ave.
“We just want to continue to invest in that place, make it a destination,” Cash said.
Developers will foot nearly the entire bill.
“They are paying for all of that...$112 million. They’re paying for the structures. They are paying for everything that is up out of the ground. The city has no more financial commitment aside from what we’ve already done," Cash said.
The City of Memphis will publicly invest $13 million to the private development site.