This month the Shelby County Commissioners expressed support for an estimated $42 million in tax dollars to be spent over the next 20 years to improve the walkability and infrastructure to the Poplar Corridor Business District in East Memphis.
Poplar Avenue has long been considered the main business artery in Memphis, but over recent years city growth has led to this avenue becoming unattractive, narrow, and difficult to drive. Although the area has been doing fantastic financially, infrastructure items like parking, sidewalks and powerlines have suffered.
The proposed improvements are estimated to drive $499 million in new private investment, which could create as many as 7,000 new jobs and $63 million in new taxes.
While heavily supported by the County Commissioners, the plan will still need formal approval from the Memphis City Council before moving forward. After final approval it could be two years before the public would start seeing the improvements to the area, with some of the district’s medians and stoplights likely being the first items addressed.
The announcement is exciting news for current residents and potential investors as Memphis continues to grow. Reedy and Company Realtors, LLC offers a full-service team for property investors and tenants alike. They also manage rental homes in Memphis and the surrounding area. For more information on how to take advantage of this great growth in the Bluff City visit our website: https://www.reedyandcompany.net/