A collection of businesses, residents and organizations called the Crosstown Collaborative have formed to support the economic and community development of the Crosstown district in Memphis.
RKG Associates Inc., a Dover, N.H.-based real estate consulting firm, recently conducted an analysis of how the redevelopment of the Sears Crosstown building will impact the surrounding neighborhoods, the center city of Memphis and the metropolitan area.
Here are some highlights of those findings. Anchored by the eight “founding partners” in education, arts, health and wellness, the project will not only repopulate the abandoned building with 2,500 people daily, but also generate:
- nearly 1,000 construction jobs
- more than 1,300 permanent jobs after renovation, including 877 new jobs
- $37 million in wages contributed to the local economy annually
- 240 new, loft-style residential units for Crosstown
“Our community needs these good jobs,” Crosstown development project co-leader Todd Richardson said in an email to interested parties Tuesday, March 5. “The Crosstown district needs the healthcare, educational, and creative resources that the Founding Partners will provide. This iconic building in the heart of our city can be transformed to serve and benefit all its people.”