Crosstown Developers Close To Financial Goal, Need City To Pony Up $15 Million

Posted on: 6:24 pm, October 4, 2013, by and

(Memphis) Every day bus riders gathers in front of the old Sears Crosstown at Cleveland and East Parkway.

“I see an old building with a lot of memories,” said Claude Staples.

Everyone of them have their own idea on what to do with the building if they had the money.

“No , I wouldn’t tear it down, I mean this neighborhood needs more businesses in it to be more jobs, said Charles Robertson.

Crosstown Development expects the City of Memphis to come up with its $15  million  that they hope to find in federal or state grants.

The total price tag to redevelop the building is $175 million.

Dr. Scott Morris with the Church Health Center says it’s one of eight organizations moving into the building. apartments – space for arts and education are also part of the plan

“This is a $175 million project. $160 million of private funding is already in place,” Morris said.

He has faith the city will find the money and the renovation will be completed.

“A lot of people think this is a foolhardy project, it should have been torn down a long time ago, but that`s what makes it even more exciting,” Morris said. “This is an impossible project that`s going to happen and it`s going to happen right before our very eyes.”

1 Comment

  • JustMe says:

    So… Why should they be expecting the City of Memphis to pay for their development? Have they put forth a plan to repay the 15 million, or are the developers just wanting the city to pay for their development?
    I guess the City of Memphis could use the tax dollars that they were allocating to the City Schools now that they won’t be needing it. I think they should refund and repeal those taxes, but I know they aren’t going to.

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