The long-awaited private development portion of Liberty Park could begin moving vertically next year, two city officials said Tuesday.
The city is in negotiations with Capstone Development for a small hotel grand lease and is continuing to renegotiate a letter of intent with Texas-based entertainment venue High 5 Entertainment. New branding for the northwest corner of Liberty Park.
A private portion of Liberty Park has been promised for years. The city of Memphis first announced plans for hotel and mixed-use developments in mid-2019. Then, in 2020, plans changed, with the city announcing his Capstone deal with High 5 Entertainment. Construction was at one point scheduled for 2021 or 2022.
Ashley Cash, the city’s head of residential and community development, said she expects both developments to begin construction in the second quarter of 2023 and be “vertical.”
Capstone plans to build a 200-room hotel and 200 apartments, as well as a restaurant and hotel cocktail lounge on site. That and High 5 he plans to open in 2024, the city said Tuesday. The city is also looking for another entertainment venue on site. The development also includes a new road called Larry Finch Lane, named after University of Memphis basketball player and coach Larry Finch.
The city is in substantial negotiations with Capstone for a long-term land lease, said Mary Claire Borys, strategic initiatives manager for the city’s housing and community development division. Leases are for maintaining control of city-owned land used for projects. Bories and Cash provided an update on the Liberty Park district during a Memphis City Council meeting on Tuesday. This comes as the city completes construction of his December-opening youth sports facility, his $150 million to $200 million renovation plan for Simmons Bank Liberty Stadium, and the replacement of Mid Stadium. Because we are seeking substantial state funding for the proposal. – South Coliseum, home to 901 FC’s football stadium.
hope in the colosseum
City Chief Operating Officer Doug McGowen said he encouraged those who want to save the South Central Coliseum to continue planning for its future. He said the city will look for alternatives on the site if a massive request for state funding doesn’t materialize.
For years, a dedicated group of community members have sought to preserve and revitalize the arena, which holds a prominent place in the memory of the people of Memphis. After Memphis Mayor Jim Strickland revealed plans to replace the arena, they expressed hope that it could be saved.
McGowen said the city continues to review contingency plans for large stadiums, and $684 million is being spent on stadium renovation plans, but state funding for these projects is not available. If not, he noted the city is working on a contingency plan for FedExForum’s renovations, particularly with its long-term lease with the NBA’s Memphis Grizzlies.
The city asked the state for $350 million in cash and permission to increase the hotel/motel tax to 5%. We are also seeking extended reimbursement of car rental fees and sales tax, which covers nearly all spending on FedExForum. We hope to extend the flow of these funds through 2053. The funds have now paid off the stadium’s current debt and may pay off debt associated with the Forum’s long-term renovations.
Samuel Hardiman serves Memphis City Government and Politics for The Commercial Appeal. Contact him at his email at samuel.hardiman@commercialappeal.com or follow @samhardiman on Twitter.