The post $1 Billion in New Renovations for FedEx appeared first on We Are Memphis.
]]>Image source: Fedex.com
The largest employer in Memphis is getting even bigger
FedEx is the largest private employer in Memphis, as well as the largest tenant of the Memphis International Airport. Its current Super Hub is undergoing modernization and expansion, with the goal of increasing capacity and preparing for upcoming growth.
Memphis International Airport is already home to the second-largest air cargo facility in the world—and this will further secure its positioning as a major hub. To keep up with demands across the globe, FedEx will be investing in new technology, which it can leverage to reduce the costs of its operations.
The new Super Hub project has already begun
FedEx’s Super Hub development broke ground in March 2019 and is expected to continue through 2025. This is despite the fact that FedEx has been cutting its costs in other areas of the globe. The Super Hub will be a technologically advanced facility, providing upgrades and expansion that will be necessary for the business to continue to expand. While it’s a gamble, FedEx is confident in its transportation capabilities in the area.
Just a small part of upcoming Memphis growth and development
While this project is large, it only represents a very small amount of the upcoming growth in Memphis. There are dozens of new projects slated for development in Memphis, a city that is growing dramatically within the next few years.
Memphis is currently seen as an area that is packed with potential. One of the top cities for millennials, yet an area that has not experienced significant growth in the past, the city is poised for rapid expansion.
Further reading
- Airport, FedEx combine for more than $1.6 billion in upgrades at Memphis International
- FedEx spending big at Memphis hub, despite cost-cutting plans
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]]>The post Modernizations for Memphis International Airport appeared first on We Are Memphis.
]]>What’s coming to the Memphis International Airport?
Improvements to the airport include: moving walkways, wider corridors, larger boarding areas, higher ceilings and natural lighting. All of these new improvements should make the Memphis International Airport feel bright, open and spacious, while also increasing its overall capacity.
In addition to this, the airport will be adding 25 destinations served by direct flights—becoming both busier and larger.
A $214 million price tag guarantees results
A combination of bonds, federal grants, and self-funding are going to be used for the new developments at Memphis International Airport, with no money coming from the city itself. With the airport being the first impression millions of visitors experience for the city, new developments in the airport’s technology will be good for residents and good for commerce.
Modernization isn’t the only thing that’s going on at Memphis International Airport. The FedEx Super Hub located at the Memphis International Airport is also due for some significant expansion and modifications—and it’s already the second largest hub in the world. There’s going to be a lot to see in the coming years for Memphis International Airport, and for Memphis Growth as a whole.
See something thats missing? Let Us Know!
Further reading
Memphis International Airport begins modernization project
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]]>The post The Future of the Memphis Riverfront appeared first on We Are Memphis.
]]>Big
With $15 billion allocated for recent, current and planned development in Greater Memphis, we have a platform for unprecedented Memphis growth. It’s not just ServiceMaster. All across the Riverfront, we’re seeing new projects — major projects — going up, like Union Row, the largest private investment in Memphis history at more than $900 million for a building featuring a 30,000-square-foot market, nearly 800 apartment units and 350,000 square feet of office space, not to mention hotel, parking and retail space.
Other projects include dramatic renovations and expansions like the $28 million going toward the Tennessee Brewery, vacant since 1951, now being transformed into a 136-unit apartment building in the South End. Methodist LeBonheur is going to help bring a surge of health care and education jobs to the city with a $280 million expansion to the master campus, including a 450,000-square-foot tower.
These projects are not cherry-picked; there is simply too much momentum in every direction to give all of it the attention it deserves, such as the $1 billion FedEx renovation at its Memphis International Airport Super Hub, Indigo Ag bringing 700 full-time jobs to downtown Memphis and establishing a headquarters at the Toyota Center, as well as AutoZone, St. Jude and International Paper undergoing drastic expansions. We’re going to see a 550-room Loews hotel and a $175 million renovation of the Memphis Cook Convention Center. This is just scratching the surface, and we’re already running out of space.
The sheer numbers we see at play communicates that this is not just a few new buildings, but a city primed to be the cultural hub going into the new decade.
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]]>The post Union Row, a $950M development in Downtown Memphis appeared first on We Are Memphis.
]]>Beginning the first phase of Union Row
Phase 1 of Union Row is set to cost nearly $512 million and will establish the necessary foundation for the rest of the project, which will cost another $400-plus million. The project itself will help create hundreds if not thousands of full-time jobs of varying skill sets.
The Union Row Phase 1 portion of the project will include 30,000 square feet of market and grocer space. It will also include 80,000 square feet of retail space, plus 350,000 square feet of office space. There will be a built-in hotel in the space with 200 rooms, plus residential apartment space with an estimated 793 units. There will also be ample parking available for Union Row, with over 2,000 spaces.
Filling a new in open space
Before the start of the construction, the area of the city offered very little to the surrounding community. In fact, 65 percent of the area was vacant. This has left residents with fewer opportunities and has created a tax burden for the rest of the city because it still requires taxpayer money to power street lights at night and police the area. The massive project of Union Row will help provide the necessary boost in residents and businesses to make up for this lack of tax revenue.
Currently, it is believed that Union Row, once construction is complete, will make a $228 million annual impact. This will pay for the entire cost of development in only four years. It will also bring in an estimated 5,100 jobs when fully staffed. Additionally, the current land, prior to construction, brings in $50,000 of property taxes to the city. Following the completion of construction, it will bring in $3.2 million in additional taxes
Upcoming phases
The completion of Phase 1 will see the completion of the 200-room hotel and grocery store. It will also be the phase in which most of the apartment units will be completed. Phase 2 and Phase 3 will add on to the completed areas of the building. Construction of Phase 1 is set to be complete in August of 2021. This is the bulk of construction, so the remaining two phases will not take as long. An estimated time frame for the final two phases is not yet available as it will depend on when the city gives full approval for the beginning of the subsequent phases.
It is an exciting time for Memphis as construction projects dot much of the surrounding region. One of the largest planned projects is Union Row.
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]]>The post A New Hotel and Apartments Will Soon Rise at One Beale appeared first on We Are Memphis.
]]>One Beale is a two-part project that includes a multi-story Hyatt Centric hotel. The boutique hotel will have 227 rooms and a 15,000 square foot conference and meeting space. It will be housed in the historic Ellis Machine Shop and will bring a new riverfront restaurant, outdoor pool and rooftop lounge to the riverfront district.
A separate mixed-use residential apartment tower is also part of the project. This luxury apartment community will have 227 apartment homes as well as riverfront restaurant and office space. These apartment homes will add a residential component to the Memphis entertainment district while also helping to transform the waterfront. Current plans also include a public parking garage. While in development, One Beale will bring over 1,400 jobs to the area. Once open, the new development will create over 420 jobs.
While the current development includes the apartment tower and the hotel, future plans include the addition of a Class A office tower, which will bring even more development to the region. The development team is working with the Greater Memphis Chamber to find an anchor tenant, and then work on the office tower will begin.
One Beale is an excellent example of current Memphis growth, as the city continues to expand its offering and create a vibrant environment for business, life and entertainment. Current estimates indicate that One Beale could be complete by as early as 2020. For those of us who call Memphis home, this development is just the start of an exciting future in store for our community.
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]]>The post Why the Tennessee Brewery Renovation Is a Great Use of $28 Million appeared first on We Are Memphis.
]]>Why is this $28 million addition and renovation initiative worth watching? Here’s what lies ahead for one of the South End’s most exciting projects.
Getting to know the Tennessee Brewery
Most Memphians instantly recognize the Tennessee Brewery building as an iconic downtown fixture. What few realize is that its history spans back more than a century to 1877.
The Tennessee Brewery is an excellent example of Romanesque architecture. With rounded arch designs and a fortress-like appearance, it’s an exciting taste of Old World design in the heart of a modern American city.
One of the coolest aspects of this building isn’t the fact that it was one of the biggest breweries of the late 1800s or that it survived Prohibition — it’s that the edifice stayed true to its style. Even though it filled its last bottles in the mid-1950s, it never gave up its unique aesthetic flair in favor of new Memphis growth trends.
The modern Tennessee Brewery
What has this building been up to since stopping beer production and distribution? For years, the property’s owners debated whether to reclaim the venue or start anew. In 2014, however, the decision was made clear when the edifice popped up on the public’s radar in a new way. Following years of deliberation, it hosted well-attended Tennessee Brewery Untapped events with free live music. These popular pop-up gatherings proved to investors that even one of downtown’s weirdest-looking structures could win hearts and minds.
The Brewery made a perfect community venue in 2014 and 2015.
Reinvigorating the Brewery to the tune of $28 Million
What’s going to happen to this one-time beer mecca? Memphians from all walks of life may soon get the chance to experience the federally recognized historic location personally as it’s transformed into 136 new apartments.
It’s as yet unclear how the Brewery’s new residential aspects might impact the open-air plan. Those who love elements like the attention-grabbing, heavily windowed facade probably don’t have to worry, however. Developers have taken their cues from history and public opinion to preserve as much of the structure’s personality as possible.
The Brewery project’s $28 million price tag may seem hefty, but it won’t break the bank — it’s but a sliver of a massive $15 billion revitalization fund. In short, this has all the hallmarks of a well-planned controlled growth initiative.
Unlike some other development projects, the Tennessee Brewery renovation is in good company. Thanks to the presence of national companies, such as ServiceMaster and AutoZone, the downtown core is experiencing somewhat of a boom. As if the riverfront views weren’t enough of a draw, the upward-moving jobs, fantastic food and music scene make the prospect of residency even sweeter.
The Tennessee Brewery is just one example of what can happen when a proud community rediscovers its roots. Memphis growth trends may yet be evolving, but this project is a sure indicator that they’re headed in the right direction.
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]]>The post New Bakery development shows significant growth in Memphis appeared first on We Are Memphis.
]]>New tenants bring new opportunities
There are a number of incoming tenants and opportunities springing out of the New Bakery developmental deal. The largest is currently Orion Federal Credit Union, as it is moving its headquarters into the facility (in the portion of the building facing the old Cadillac dealership). The credit union will be fully moved in by the summer.
The Orion credit union will bring in 150 jobs into the building, and this makes up just a portion of the professionals who will be moving into the facility. Other tenants will make their way into the building as construction completes.
Some tenants are currently in discussion with property management to move into the building. This includes a second location for the Memphis Made Brewing Company. Should the brewing company move into the property, it will be part of a $5.7 million project (tentatively called “The Ravine”). More tenants will be announced in the coming months as construction moves along.
Additional apartments for residents
The new construction will bring a number of apartment options into the community. With around 290 apartments, these properties will begin renting out in the spring of 2020. There will also be a parking structure on site for tenants (both professional and residential).
Another piece in the Memphis puzzle
The city of Memphis is a booming community. With over $15 billion in planned renovations and constructions, The Bakery is just another piece to the larger Memphis growth puzzle. At the conclusion of 2020, The Bakery and its $73 million renovations will breathe new life into the Edge District and the surrounding communities as it brings job opportunities and additional apartment options.
The former Wonder Bread Bakery will be known simply as “The Bakery” as it continues its development and construction. Currently, construction is set to be completed sometime in 2020, although as the construction is spread out, different portions of the building will be made available throughout the next 18 months. This will allow a flow of new tenants, both professional and residential, to move in over this time period. The new renovation is an exciting chapter in the Edge District, which is turning the page from a manufacturing destination for baked goods to a new facility that is designed for a wider number of job opportunities.
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]]>The post ServiceMaster is bringing a brighter future to Memphis appeared first on We Are Memphis.
]]>ServiceMaster runs several major brands throughout the United States
ServiceMaster is a global holdings corporation that owns a number of small businesses. Some of the best-known businesses it operates include Furniture Medic, Merry Maids, ServiceMaster Restore, Terminix, Terminix Commercial and AmeriSpec (to name a few).
The vast majority of businesses ServiceMaster runs focus on pest control, janitorial services (both commercial- and residential-based), plus furniture repair and disaster response. Because these needs are desired throughout the United States, ServiceMaster has managed to expand its business operations to include 13,000 corporate employees, plus 33,000 additional independent employees. As of 2015, the company brought in $2.59 billion in revenue.
Making the move to Memphis
For the better part of the company’s history, it called the Chicago suburbs of Downers Grove home. However, as the business expanded, so too did the office of operations for the smaller companies ServiceMaster owned. In order to centrally locate itself and bring the smaller companies together, ServiceMaster moved its main office to Memphis.
More recently, ServiceMaster moved away from East Memphis into Peabody Place, located in downtown Memphis. The company first started the move in 2016 and completed it in 2018. With its headquarters now centrally located in the heart of Memphis, it’s looking to become a major face within the city.
Life in Peabody Place
Peabody Place first took shape in downtown Memphis back in 1993. Eventually, though, smaller businesses moved out of the building, leaving it all but vacant in downtown Memphis. ServiceMaster saw the opportunity to rejuvenate this area of downtown while also better positioning itself within the city. The enclosed mall at Peabody Place has a total of 300,000 square feet, giving the company and all of its smaller branches plenty of space to expand.
The building is also famous for having, in extremely large letters on the roof, “come downtown and play,” which is visible from the air and can be seen if using the Google Earth application (it also appears when using the map mode of Google Maps and driving downtown).
Demonstrating excitement for downtown Memphis
Downtown Memphis has seen a drastic uptick in renovations and new construction in recent years. Beyond ServiceMaster bringing its headquarters to downtown, the city itself has experienced both current and planned development valued at $15 billion.
The planned development will not only bring in new development and help beautify the downtown area, but important jobs and new opportunities for current residents. And this momentum will only continue.
Additional Reading
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