{"id":23587,"date":"2024-01-09T12:09:54","date_gmt":"2024-01-09T18:09:54","guid":{"rendered":"https:\/\/wearememphis.com\/?post_type=news_press&#038;p=23587"},"modified":"2024-11-22T10:06:27","modified_gmt":"2024-11-22T16:06:27","slug":"memphis-development-surges-into-2024-with-over-16-billion-in-investments","status":"publish","type":"news_press","link":"https:\/\/wearememphis.com\/news\/memphis-development-surges-into-2024-with-over-16-billion-in-investments\/","title":{"rendered":"Memphis Development Surges into 2024 with Over $16 Billion in Investments"},"content":{"rendered":"<p class=\"p1\"><b>From St. Jude Children\u2019s Research Hospital to Ford, <\/b><b>Memphis Continues to Innovate and Invest at the Epicenter of Soul<\/b><\/p>\n<p class=\"p3\"><b>Memphis, TN (January 9, 2024)<\/b> \u2013 Long credited as an epicenter of art, innovation and soul, <a href=\"https:\/\/wearememphis.com\"><span class=\"s1\">Memphis<\/span><\/a> is surging into 2024 with a flurry of economic investments. As America&#8217;s largest majority Black city, talent, investors and visitors alike have seen Memphis progress rapidly post-Co<span class=\"s2\">vid.<\/span><span class=\"Apple-converted-space\">\u00a0 <\/span>In 2023 alone, the <a href=\"https:\/\/memphischamber.com\/\"><span class=\"s1\">Greater Memphis Chamber<\/span><\/a> reported 11 projects announced with $1 billion in estimated capital investment. <span class=\"s2\">That\u2019s just the beginning as Memphis has another forty or more projects in the pipeline with a total investment estimated at over $16 billion for 2024. This follows on the heels of the <a href=\"https:\/\/flymemphis.com\/modernization\/\"><span class=\"s1\">$550 million reinvention of Memphis International Airport<\/span><\/a>, <a href=\"https:\/\/wearememphis.com\/explore\/emerging-projects\/memphis-cook-convention-center\/\"><span class=\"s1\">$200 million modernization of Memphis\u2019 Renasant Convention Center<\/span><\/a>, a new <a href=\"https:\/\/wearememphis.com\/news\/journal-transportation-mobility-center-opens-adding-nearly-1000-parking-spaces-to-downtown\/\"><span class=\"s1\">$40 million Downtown Memphis Mobility Center<\/span><\/a>, and <a href=\"https:\/\/wearememphis.com\/news\/this-61-million-riverfront-park-turns-memphis-into-a-natural-wonderland\/\"><span class=\"s1\">$61 million reimagination of Tom Lee Park<\/span><\/a> on the Mississippi River.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<p class=\"p5\">From stadiums to skyscrapers, just some of the most notable developments include:<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\"><a href=\"https:\/\/wearememphis.com\/explore\/emerging-projects\/st-jude\/\"><b>St. Jude Children\u2019s Hospital<\/b><\/a><\/span><span class=\"s2\"><b>: <\/b><\/span><span class=\"s3\">Set to become the largest project by dollar amount to be done in city history, St. Jude Children\u2019s Research Hospital began the process of constructing two 15-story towers dedicated to patient care and clinical research. The project was originally announced as part of the organization\u2019s 2022-2027 strategic plan which represents the largest expansion in the more than 60-year history of St. Jude.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><a href=\"https:\/\/wearememphis.com\/news\/ford-reveals-1-35b-in-blueoval-city-diversity-spending\/\"><b>Ford Blue Oval City<\/b><\/a><\/span><b>: <\/b>Ford began construction on its largest auto manufacturer and campus in Ford\u2019s 121 years. The 3,600-acre campus known as \u201cBlueOval City\u201d will be home to BlueOval SK and Ford\u2019s Tennessee Electric Vehicle Center, an assembly manufacturing plant for the new Ford EV truck. The carbon-neutral campus will have advanced electric-vehicle manufacturing, battery facilities and an on-site supplier park.<span class=\"Apple-converted-space\">\u00a0 <\/span>The all-new $5.6 billion mega campus will create approximately 6,000 new jobs and reimagine how vehicles and batteries are manufactured.<\/p>\n<p class=\"p5\"><span class=\"s1\"><a href=\"https:\/\/wearememphis.com\/news\/memphis-accepts-350m-to-upgrade-stadiums-across-city\/\"><b>FedEx Forum &amp; Simmons Bank Liberty Stadium<\/b><\/a><\/span><b>:<\/b> Home to some of the biggest events in Memphis, the Simmons Liberty Bowl Stadium and FedEx Forum are receiving a combined total $350 million in Tennessee State grant funding. The funds would be used to modernize the facilities for Memphians and visitors alike. Recently, SportsbooksOnline.com named the FedEx Forum as the<span class=\"s4\"> highest rated arena in the NBA<\/span>. Simmons Bank Liberty Stadium is also poised to receive an additional $100 million; including a $50 million gift from FedEx Corporation founder Fred Smith to be matched by a capital campaign by the University of Memphis.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><a href=\"https:\/\/wearememphis.com\/news\/city-of-memphis-signs-15-year-office-lease-at-100-n-main-building\/\"><b>100 N. Main St. and Sterick Building<\/b><\/a><\/span><b>: <\/b>As a true hub of adaptive reuse of space, Memphis developers are reimagining two of the city\u2019s most iconic buildings. 100 N. Main St., the tallest building in the city, is set to undergo an estimated $261 million renovation to convert the 37-story building into office space, hotel space, apartments, and a rooftop restaurant. Notably, the City of Memphis has agreed to a 15-year lease on the new building once complete. In addition, a local team of developers has acquired the Sterick Building, a neo-Gothic high rise affectionately known as the \u201cQueen of Memphis,\u201d which will stand as a glowing beacon of Memphis\u2019 promising future.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p5\">These projects represent the beginning of a growing tide of investments and developments in Memphis. While fifteen hotels are either planned or under construction in the downtown core, a total of 44 hotels are planned or in construction across Shelby County.<span class=\"Apple-converted-space\">\u00a0 <\/span>In fact, <a href=\"https:\/\/wearememphis.com\/news\/memphis-was-named-one-of-the-top-5-travel-destinations-in-the-world-for-2024\/\"><span class=\"s1\">Memphis was named one of the top five travel destinations<\/span><\/a> in 2024 by Travel Lemming and the city\u2019s <a href=\"https:\/\/wearememphis.com\/news\/why-arrive-memphis-was-named-among-20-best-hotels-in-north-america\/\"><span class=\"s1\">Arrive Hotel was recently named one of the 20 best in North America<\/span><\/a> by Fodor\u2019s Travel. <span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p3\">From economic activity to cultural exploration, to discover more about the unique culture and community at the epicenter of soul visit: <a href=\"https:\/\/wearememphis.com\"><span class=\"s1\">www.WeAreMemphis.com<\/span><\/a>.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n","protected":false},"featured_media":23535,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false},"press_type":[18],"class_list":["post-23587","news_press","type-news_press","status-publish","has-post-thumbnail","hentry","press_type-online"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Memphis Development News: $16B Projects Ahead<\/title>\n<meta name=\"description\" content=\"Explore the latest Memphis construction projects and development news. 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