MEMPHIS, Tenn. — Plans for a major change on the riverfront will begin in downtown Memphis as the One Beale project breaks ground Tuesday on the corner of Beale Street and Riverside Drive.
A ceremony is set for 10 a.m. inside the old William C. Ellis & Sons Machine Shop at 245 S. Front St. That historic structure has been saved and will be incorporated into the new project’s design.
The Carlisle Corporation is developing One Beale, which comprises multiple buildings that will be home to apartments, a hotel, retail offices and a new public parking garage with 475 spaces.
All together, it is a $225 million project.
Carlisle says Hyatt Hotels will be developing the hotel inside with 227 rooms, 15,000 square feet of conference and meeting space and a pool.
The 227 apartments inside will add to the growing demand for living options downtown.
Young Associates predicts the project will bring more than 1,400 jobs to the downtown area and bring $294 million to the local economy.
Carlisle Corporation says the first phase of the project is expected to be finished toward the end of next year.
Pleased to celebrate the groundbreaking of the One Beale project which sits on an iconic space in the heart of our downtown. Chance Carlisle and Carlisle Corp. are bringing new life to this space and excited to see the transformation. pic.twitter.com/iRmcnUHa62
— Mayor Jim Strickland (@MayorMemphis) August 20, 2019