The EDGE Board of Directors approved a transformational redevelopment project in Cordova today. EDGE’s approval of the Legacy at Countrywood TIF Economic Impact Plan will assist bringing $400 million in private capital investment to the Countrywood and Cordova neighborhoods. The new TIF will fund public infrastructure including commercial roads and sewers.
Offering a suite of residential and commercial options, the Legacy at Countrywood includes the development of 40,000 square feet of retail space and a new 130 room hotel. The development will also augment housing options by providing 541 single family homes, 300 multi-family units and a much needed 305-unit senior living community.
“This project will enhance one of our strongest community neighborhoods in Shelby County, and will provide homebuyers, renters, and seniors with new options. With Blue Oval on our horizon and residents moving to explore housing alternatives in surrounding towns and counties, this development provides a concentration of quality housing and retail options within Shelby County that should be attractive to current residents and newcomers alike,” said Tom Dyer, Board Vide-Chairman for EDGE.
Housing permits issued in Memphis are comparable to Oakland, in Fayette County, and 1/3 of those in Olive Branch, MS. This development will address a critical need to add new units to the MLS and increase the competitiveness of Shelby County.
Over the next 20 years, the development will generate approximately $46.8 million in new City property taxes and $56.9 million in new County property taxes. Additionally, revenue from retail sales tax and hotel/motel tax will provide new resources for the community.
“The opportunity to take such a large swath of undeveloped land and create a huge economic driver for the City of Memphis is rare. This development speaks to our competitiveness in the market and the importance with working collaboratively to ensure the City offers incentives that can create jobs and investment in our community,” said Dexter Muller, Owner of Development Innovations, LLC.