Developed by a team of Memphis-based investors, the Parkside at Shelby Farms Park project was approved for a 20-year TIF. The project is one of the largest private development projects in the City and County in recent decades and will generate substantial tax revenues to local governments, while helping stem outmigration of population to other areas.
Parkside at Shelby Farms Park is a 60+ acre development which will include 33,000 square feet of commercial space, 1,700 structured parking spaces, and 1,400 apartments, along with a mixture of garden homes, offices, and support services. The development will also include a 130-room boutique hotel at the corner of Mullins Station and Whitten Road. Bordered on the south by the Shelby Farms Park and the Greenline, Parkside at Shelby Farms Park is designed to complement and support the Park.
The proposed project will use private investment dollars to leverage public funds (property taxes) to fund public infrastructure improvements such as roads, water and sewer lines, electric and gas service, street lights, way finding signage, and structured parking. In addition, the project will provide the local dollars required to match the federal government grant to construct the long-awaited Shelby Farms Parkway. Parkside is not be feasible without significant investment in new and improved infrastructure and parking in the area. $96 million of TIF funds will go towards public infrastructure, while the City and County will see their property tax revenues rise by $76 million.