The EDGE Board met on October 4 and approved two significant property leases that will play a crucial role in regional economic growth and industrial development. These agreements involve CTC Property, LLC for a 552-acre site in Pidgeon Industrial Park and Cardinal Energy Storage East, LLC for a 40-acre site dedicated to energy storage facilities.
CTC’s agreement with EDGE allows a 21-year lease with the option for two additional 10-year terms. The property will be developed into a substantial industrial site, providing long-term economic opportunities in Memphis. The agreement includes a rent-free first year, followed by an annual rent of $1.65 million with a 2.5% increase each year. CTC also retains the option to purchase the property after 22 years for $23.64 million.
“The approval of both leases, spanning more than 590 acres, underscores our commitment to revitalizing Memphis through strategic development,” said EDGE President and CEO Dr. Joann Massey. “By partnering with forward-thinking organizations like CTC Property and Cardinal Energy Storage, we are driving job creation, sustainable infrastructure, and long-term economic benefits for the region.”
Cardinal Energy Storage has secured a 40-acre property as part of an initiative to enhance the city’s energy infrastructure. The 20-year lease includes options for two additional five-year renewals. The project will establish a utility-scale energy storage facility, reflecting EDGE’s commitment to supporting innovative and sustainable industrial development. The annual base rent will be $609,840, with a 3% annual increase.
“By activating underutilized parcels of land with innovative projects like the CTC development and Cardinal Energy Storage, we are maximizing the potential of these assets for the benefit of our entire community,” said City of Memphis Mayor Paul Young. “Establishing the foundation for long-term economic growth is part of a broader initiative to transform more areas of our city into thriving hubs of activity.”
Cardinal Energy Storage is a subsidiary of Tenaska, one of the leading independent energy companies in the U.S. With a focus on developing innovative energy solutions, Tenaska has been instrumental in advancing renewable energy projects and battery storage systems across the country.
“We are excited to partner with EDGE and bring this energy storage project to life in Memphis. This facility will support the region’s growing energy needs and serve as a cornerstone for the future of sustainable infrastructure,” said Keith Latham, Tenaska Senior Project Developer.
Through Cardinal Energy Storage, Tenaska is expanding its footprint in the Memphis area, where the newly approved energy storage facility will help enhance the region’s grid reliability and support the integration of renewable energy.