U.S. Sen. Marsha Blackburn (R-TN) joined officials in touring the Union Row development in Memphis Friday.
The senator joined U.S. Secretary of Housing and Urban Development Ben Carson, U.S. Rep. David Kustoff (R-TN-08) and State Sen. Brian Kelsey (R-TN-31) to tour Union Row, Blackburn said in a press release. This project was made possible by Opportunity Zone incentives enacted as part of President Donald Trump’s Tax Cuts and Jobs Act of 2017.
“Union Row is a perfect example of how this administration’s pro-growth policies are directly impacting communities here in Tennessee,” Blackburn said. “I appreciated the opportunity to welcome Secretary Carson to our state to celebrate the largest redevelopment project ever to come to the city of Memphis.”
Out at the Union Row Development with @secretarycarson @marshablackburn and @repdavidkustoff today. Union Row is the largest redevovelment project ever in the city of Memphis. pic.twitter.com/AnyrUol4do
— Brian Kelsey (@BrianKelsey) October 4, 2019
Qualified Opportunity Zones are designed to spur economic development and job creation in distressed communities throughout the country by providing tax benefits to investors who invest eligible capital into designated low-income areas. Memphis has 32 Opportunity Zones: 30 in Memphis and two in Millington. Tennessee has 176 Opportunity Zones.
Developers hoped to break ground on Union Row over the summer but that was delayed, and demolition of existing buildings should start by the end of the year, and construction start in early 2020, WREG said. The $950 million project will bring apartments, hotels and retail space to a project the developers said hope will help minority business owners.
WMC 5 quoted one of the developers on their plans.
“Memphis has finally gotten to a point where it’s recognized on a national level,” said Kevin Adams with Big River Partners, the Union Row development team. “It’s a special place where people want to be. And outside investors see that. This is a big community effort that will start on the first phase, and it will expand potentially over 30 acres.”
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