MEMPHIS Tenn. — Leaders say a new development coming to Cordova is one of the largest developments in the city in decades.
Instead of the usual shovel dig in the dirt, rain forced developers and Memphis and Shelby County leaders to improvise when it came to breaking ground on The Legacy at Countrywood mixed-use development Wednesday.
But it didn’t dampen the excitement felt for the new $400 million project.
Plans for the mixed-use development located on the former north course of the Colonial Country Club include a 130-room hotel and 40,000 square feet of retail and restaurant space, along with senior living units, multi-family units, single-family units, and open walking spaces.
“We think it’s going to be a win-win situation. We’ve had an awful lot of help from the homeowners association here,” said Jim Russell, Managing Partner with CCCLUB Holdings LLC.
“Countrywood is a strong neighborhood but at 50 years old it’s nice to have something to compliment it,” said Memphis mayor Jim Strickland.
Memphis city councilwoman Rhonda Logan said the development comes as Ford’s Blue Oval City project designed to produce electric vehicles takes shape not far away in Brownsville. It also comes as Memphis-Shelby County Schools looks to build a new school in Cordova.
“We’re really looking forward to it being the catalyst for renewal in Cordova, the catalyst for growth and economic development,” she said. “We have a lot going on downtown, a lot of development so it’s good to see it in the outlying areas as well in communities as well.”
The plan is expected to generate more than $120 million in additional city and county property taxes.
“It touches every part of government and our community so I think it’s going to be a great partnership,” Logan said.
The Memphis City Council and County Commission signed off on a Tax Increment Financing to help public infrastructure needs which include sewer facilities.