Memphis, Tennessee, February 8, 2026
Memphis Mayor Paul Young has announced the appointment of a development executive to lead a transformative $200 million project in downtown Memphis. This initiative aims to revitalize urban infrastructure by creating a mixed-use complex with high-end apartments, a Hyatt hotel, and event spaces. Covering 5.5 acres, the project is expected to be completed by 2024 and reflects the city’s commitment to economic growth and urban renewal.
Memphis Mayor Appoints Development Executive for $200 Million Downtown Project
Memphis, Tennessee – Mayor Paul Young has appointed a development executive to lead a significant $200 million project aimed at revitalizing downtown Memphis. The initiative is part of the city’s ongoing efforts to stimulate economic growth and enhance urban infrastructure.
Project Overview
The proposed development encompasses a mixed-use complex featuring high-end apartments, a full-service Hyatt hotel, and spaces designated for restaurants and events. Spanning 5.5 acres from Beale Street to Pontotoc Avenue, the project will extend along Front Street and westward to the Mississippi River. This ambitious plan is expected to be completed in phases, with the first phase valued at $150 million, followed by additional phases totaling $200 million. The development is projected to be completed by 2024.
Leadership Appointment
To spearhead this transformative project, Mayor Young has appointed a seasoned development executive with extensive experience in large-scale urban developments. The executive’s role will involve overseeing the project’s planning, execution, and integration into the city’s broader revitalization strategy.
Context and Background
Mayor Paul Young, who assumed office on January 1, 2024, has been actively involved in initiatives aimed at enhancing Memphis’s urban landscape. Prior to his tenure as mayor, Young served as the president of the Downtown Memphis Commission, where he was instrumental in various development projects. His leadership in the One Beale development, a $400 million riverfront project, underscores his commitment to downtown revitalization. The One Beale project includes high-end apartments, a full-service Hyatt hotel, and spaces for restaurants and events, stretching 5.5 acres from Beale Street to Pontotoc Avenue and along Front Street to the Mississippi River. As of October 2020, three phases of One Beale were under construction, valued at $200 million, with another $200 million in the development pipeline.
The appointment of the development executive is seen as a strategic move to ensure the successful realization of the $200 million downtown project, aligning with the city’s broader objectives of economic development and urban renewal.
Frequently Asked Questions (FAQ)
What is the $200 million downtown project in Memphis?
The project is a mixed-use development featuring high-end apartments, a full-service Hyatt hotel, and spaces for restaurants and events. It spans 5.5 acres from Beale Street to Pontotoc Avenue, extending along Front Street and westward to the Mississippi River. The development is expected to be completed in phases, with the first phase valued at $150 million, followed by additional phases totaling $200 million, projected to be completed by 2024.
Who is leading the $200 million downtown project?
Mayor Paul Young has appointed a seasoned development executive to lead the project. The executive’s role involves overseeing the project’s planning, execution, and integration into the city’s broader revitalization strategy.
What is Mayor Paul Young’s background in urban development?
Before becoming mayor, Paul Young served as the president of the Downtown Memphis Commission, where he was instrumental in various development projects, including the One Beale development, a $400 million riverfront project that includes high-end apartments, a full-service Hyatt hotel, and spaces for restaurants and events, stretching 5.5 acres from Beale Street to Pontotoc Avenue and along Front Street to the Mississippi River. As of October 2020, three phases of One Beale were under construction, valued at $200 million, with another $200 million in the development pipeline.
Key Features of the $200 Million Downtown Project
| Feature | Description |
|---|---|
| Mixed-Use Development | High-end apartments, full-service Hyatt hotel, and spaces for restaurants and events. |
| Location | 5.5 acres from Beale Street to Pontotoc Avenue, extending along Front Street and westward to the Mississippi River. |
| Project Phases | First phase valued at $150 million, followed by additional phases totaling $200 million. |
| Completion Timeline | Projected to be completed by 2024. |
| Leadership | Development executive appointed by Mayor Paul Young to oversee the project. |
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Author: STAFF HERE MEMPHIS WRITER
The MEMPHIS STAFF WRITER represents the experienced team at HEREMemphis.com, your go-to source for actionable local news and information in Memphis, Shelby County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Beale Street Music Festival, Elvis Week, and Memphis in May International Festival. Our coverage extends to key organizations like the Greater Memphis Chamber and the Memphis Convention & Visitors Bureau, plus leading businesses in logistics, healthcare, and music that power the local economy such as FedEx, St. Jude Children's Research Hospital, and AutoZone. As part of the broader HERE network, including HEREBristol.com, HEREChattanooga.com, HEREKnoxville.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
