$70M mixed-use development proposed for Beale Street

MEMPHIS, Tenn. (WMC) - A Memphis doctor is proposing a major project for Beale Street, one that Memphis Business Journal says could cost $70 million.

The proposed mix-use development would be built at 500 Beale, according to the site plan, which is currently a vacant lot just a block east of the entertainment district.

The plan is to fit residential, office, and commercial space into an eight-story, mixed-use high-rise with basement-level parking.

Dr. Olugbenga Adebanjo, who filed the site plan Tuesday, told Memphis Business Journal that he hopes the project will revitalize an area that developers avoid.

“I’ve been in [that] area and watched [it be] neglected,” he said. “A lot of the development advice around here is to go toward the east. I feel that we need to live in this place again, especially because we have all the students and the doctors [in the area]. We want to make sure that we are part of the development of that area of the city.”

The project doesn’t have a timeline yet, and plans still need review by the Memphis-Shelby County Division of Planning and Development.

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