MEMPHIS, Tenn. — People in Memphis have talking for decades about the need to increase minority participation in big time development projects. Doing so is the best way to create more jobs and actually build African American wealth. Well, these days, the talk is translating into action with two well publicized projects.
The first of course is the massive Ford electric truck and battery assembly complex planned for Haywood County – just 40 miles east of Memphis up Interstate 40. The $5.6 billion project will create thousands of full-time, permanent jobs – and many of those workers will come from Memphis and Shelby County.
But local companies, particularly minority firms, will cash in as well. Thursday, Ford hosted up to 500 small business owners in Memphis for an informational session about ways to participate in the project. Not everyone will land contracts, but many will, which makes Ford’s Blue Oval City the economic game changer everyone expects.
The other project is the redevelopment of the 100 North Main Building Downtown – the largest building in Memphis. A local partnership that includes heavy Black participation has been picked to bring the building back to life – with a proposed $268 million venture that includes a hotel, hundreds of apartments, and retail space.
Neither of these projects will happen overnight, but they will happen. And the economic fortunes of a deserving community are now poised for a positive turnaround.