MEMPHIS, Tenn. — A project to turn an old railroad near Downtown into a public greenspace was awarded a $400,000 grant by the Downtown Memphis Commission on Wednesday.
The Ravine, a $5 million project in The Edge District near Sun Studio, will also feature retail and restaurant space, an amphitheater and children’s play structures and water features along the old rail corridor that runs beneath street level near High Cotton Brewing.
The grant will help start phase one of the project, expected to completed in May 2019, and two more phases will follow. Funding for the complete project will be sought from local and national foundations, corporations, and individuals, requiring a substantial public-private partnership.
The Ravine project is led by Development Services Group, which is investing $73 million into mixed-use redevelopment of a 10-acres of historic properties and parcels in the Edge District, including Orion Federal Credit Union and LEO Events’ new headquarters spaces. The company says it hopes the Ravine project will set a national example.
“The Ravine bridges valuable assets in Downtown Memphis and will create a new destination for visitors, residents and employees in Downtown’s medical and edge districts,” said Jennifer Oswalt, President and CEO of the Downtown Memphis Commission.