The institutional investment capital that’s been flowing into real estate globally is expected to increase as an already rebounding economy expands. But there’s also a growing consensus among real estate professionals that environmental, social, and governance (ESG) elements will factor more impactfully and uncertainly into future development. Broader housing affordability is one of those elements that could create diverse workforces and drive equitable outcomes. Real estate prospects strong, but multiple risk factors loom.
About $469,000 worth of projects has already been completed. That includes some crosswalk improvements, installation of parking lot lighting and installation of rumble strips.
The district is centered around Highland, stretching as far north as Poplar Avenue and south just past Park Avenue. The district was approved by the Economic Development Growth Engine for Memphis and Shelby County in September 2016 to generate revenue for infrastructure improvements meant to draw more residents including U of M students and faculty and businesses to the area.
In 2016, it was estimated the TIF would generate about $21 million over 20 years. The district gets 75% of the increased tax revenue generated by the TIF. The City of Memphis and Shelby County continue to get all of the pre-TIF base taxes.