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Memphis Approves 22-Story Mixed-Use Tower Near Downtown CBD
City planners cleared a 22-story mixed-use tower at the edge of downtown that will add hundreds of apartments and ground-floor shops along Main Street.
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How we reported this
The Memphis City Council granted final approval on July 9 for a 22-story mixed-use building at 185 Main Street, just two blocks from the FedExForum. The project will include 312 apartments, 28,000 square feet of retail space and a 400-space parking garage on a 1.8-acre site previously occupied by surface lots.
Why the timing matters in Memphis
Downtown Memphis has added more than 4,200 residents since 2020, according to Shelby County population estimates released last month. Builders have struggled to keep pace with demand for new rental units inside the I-240 loop, where vacancy rates sit at 6.1 percent. The new tower will sit within a half-mile of both the National Civil Rights Museum and the South Main Historic District, two areas that have seen steady foot traffic growth from visitors and local workers alike.
Local detail shows the project will connect directly to the existing Main Street trolley line at the intersection with G.E. Patterson Avenue. It also sits one block from the Memphis Brooks Museum of Art expansion site, which opened its new wing in 2025. The Downtown Memphis Commission has already committed $2.8 million in tax-increment financing to support streetscape upgrades along the block.
Numbers behind the approval
Construction costs are pegged at $178 million, with rents expected to start at $1,650 for a one-bedroom unit. The developer, a Memphis-based firm, projects the building will generate $4.1 million in annual property taxes once completed in late 2028. City records show the site sold for $6.4 million in March 2025, nearly triple its 2019 assessed value.
Residents can review the full site plan and traffic study on the city’s planning portal through August 15. Public comment sessions are scheduled for the first Tuesday of each month at City Hall through October. Anyone seeking updates on permitting timelines should contact the Memphis Office of Planning and Development directly.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.