FREQUENTLY ASKED QUESTIONS
What is the vision for development?
The historic Sears Crosstown building in Memphis, TN, is being preserved and redeveloped as a mixed-used vertical urban village – a purposeful collective of uses and partners. People will be living and working, learning and teaching, healing and growing well, creating and recreating, shopping and eating, like a really great neighborhood. Common areas, shared spaces, exhibition spaces and ongoing events and programming – the day-to-day creative and social “friction” – will integrate and elevate the mutual well-being of tenants, residents, and the visiting public.
An active Crosstown building will serve as an anchor and catalyst to the revitalization and economic development of the surrounding neighborhood. In turn, a newly vibrant Crosstown community, located at the nexus of Midtown, Downtown, and the Medical District, will provide cohesion for the center city of Memphis.
What is a Founding Partner?
Founding Partners are the initial organizations that have committed, as a collective, to be tenants in the redeveloped Sears Crosstown building based on the shared idea to elevate their missions together in a community-based place. In contrast to typical commercial real estate projects that fit tenants into generic spaces, Founding Partners will participate in a collaborative planning and development process, resulting in a place uniquely well suited to serve their operations and missions, both individually and collectively.
Who are the Founding Partners?
There are eight Founding Partners who have signed individual memorandums of understanding that, collectively, represent approximately 600,000 square feet. While uses and square footage commitments vary among Founding Partners, they are collectively committed to a singular vision for the project.
The Founding Partners are:
- Church Health Center
- Crosstown Arts
- Gestalt Community Schools
- Memphis Teacher Residency
- Methodist Le Bonheur Healthcare
- Rhodes College
- St. Jude Children’s Research Hospital
Who is the Development Team?
- Todd Richardson (Project Leader)
- McLean Wilson, Kemmons Wilson, Inc.
- Bologna Consultants, LLC with Carkuff Interiors
- AllWorld Project Management
- Community Capital
- doug carpenter & associates
- Grinder Taber & Grinder, Inc.
- Universal Commercial Real Estate
When will construction begin?
As with any new development, implementation will occur through progressive planning stages, with escalating certainty and commitment, leading to final designs, costs, and financing. It is too early to project construction schedules. Construction is predicated on our continued success in recruiting tenant commitments and securing financing. We have a long way to go before we can identify a specific construction start date.
Will you develop the entire building?
After creating architectural elements such as light wells , common spaces, and an atrium, we expect to develop somewhere between 900,000 and 1 million square feet.
How do you anticipate the project being funded?
We are currently exploring a host of funding mechanisms, both private and public. A project of this scale, including such significant community components as arts, education, health and wellness, is fortunate to be able to explore many funding opportunities.
For more information, please contact Kerry Hayes at khayes [at] doug-carpenter [dot] com or 901 372 5105.