As 2024 draws to a close, EDGE is proud to reflect on an incredible year of achievements, milestones, and meaningful collaborations that have strengthened Memphis and Shelby County. Over the past 12 months, we’ve made significant strides in fostering economic growth, uplifting our local workforce, and laying the foundation for a brighter future.
Transformative projects shaping our future
This year, we celebrated groundbreaking moments for transformative projects that will shape the region for years to come. In January, a 42-acre industrial site on Presidents Island earned the prestigious “shovel-ready” Select Tennessee Certified Site designation from the Tennessee Department of Economic and Community Development (TNECD). Achieving this required rigorous collaboration between EDGE, the Port of Memphis, and the Greater Memphis Chamber, ensuring the site is ready to attract new business and industrial opportunities.
Another key highlight was the redevelopment of 100 N. Main, where the developer received an $1.8 million in July from EDGE to support pre-demolition work, adding to the $5 million loan approved in August 2023. This crucial funding addressed unforeseen financing support issues and ensured progress on this transformative project.
This fall, EDGE spearheaded two new opportunities that promise to bolster the region’s economic future, including Cardinal Energy Storage East, LLC and CTC Property, LLC. Cardinal Energy is developing an advanced energy storage facility, while CTC plans to lease over 500 acres for expansion. As the property owner and a key player in these deals, EDGE is playing a central role in bringing transformative projects to Memphis, further solidifying its position as a hub for economic development.
Progress at Northside Square has continued to transform the former Northside high school into a community hub, further exemplifying our commitment to driving sustainable, place-based investments across the region.
We were also honored to invite and host esteemed leaders like Deputy Administrator Dilawar Syed of the U.S. Small Business Administration and Dr. Dell Gines of the International Economic Development Council, who saw firsthand the work EDGE is doing to support Memphis’ business ecosystem. Initiatives like these are made possible through our steadfast partnerships with public and private entities, working together to create a lasting impact for our community.
Empowering businesses and driving investment
This year, EDGE approved 20 Inner City Economic Development (ICED) Loans, totaling over $250,000. These funds have equipped local small businesses with the financial tools they need to thrive and grow. At our annual ICED Loan Expo, we successfully connected entrepreneurs with essential resources, underscoring our dedication to empowering local enterprises.
Additionally, our PILOT programs led to the creation of 304 jobs and over $800 million in new investments. Notable projects include:
- Blue Suede Networks: Approved in February for a 15-year PILOT (payment-in-lieu-of-taxes) to support its fiber infrastructure project.
- AAON, Inc.: In October, EDGE approved a 15-year PILOT for AAON’s expansion to Memphis, bringing $238.5 million in investment and creating 828 new jobs over five years, with an average wage of $57,000. This marks the highest job creation of any economic development initiative in Memphis for 2024.
Recognizing excellence
We are incredibly proud of our team’s accomplishments in 2024:
- Dr. Joann Massey, Al Bright, Mark Halperin, and Angel Price were featured on the Memphis Business Journal’s Power 100 list.
- Trey Moore, EDGE’s small business development specialist, was listed as one of Cynthia Daniels & Co.’s 40 Under 40.
- Marketing Specialist Destinee Hannah and Economic Development Consultant Allyra Williams graduated from Leadership Memphis.
- The Port Commission received the award for Outstanding Maintenance of the Memphis Harbor Project for 2023.
- Dr. Massey was celebrated as one of the Memphis Business Journal’s Super Women In Business, a testament to her visionary leadership as our recently appointed President and CEO.
- Dr. Massey was appointed as EDGE’s second-ever President and CEO, ushering in a new era of visionary leadership.
- As an organization, EDGE was honored to be named Outstanding Local Development Finance Agency of the Year by the National Council of Development Finance Agencies (CDFA).
Innovative community initiatives
This year marked the launch of the Crime Prevention Through Environmental Design (CPTED) program, developed in partnership with the City of Memphis and the Memphis Police Department. This initiative supports small businesses in high-crime areas by fostering safer and more vibrant neighborhoods, exemplifying our commitment to addressing challenges through innovative solutions.
In October, EDGE proudly hosted its second annual Economic Development & Community Recognition Awards, celebrating outstanding contributions to economic growth and community impact. A total of 15 awards were presented to honor the achievements of businesses, leaders, and projects that have made a lasting difference in Memphis and Shelby County. The prestigious Economic Impact Project of the Year award was given to the I-55 replacement bridge project, recognizing its critical role in upgrading infrastructure and connectivity for the region.
As we look toward 2025, we remain focused on advancing economic development, strengthening partnerships, and empowering Memphis’ residents and businesses. Thank you to our partners, stakeholders, and community members for your support throughout 2024. Together, we’re building a stronger, more prosperous Memphis for generations to come.