The Riverfront Development Corporation (RDC) is a non-profit organization whose mission is to create and implement a Master Plan for the development of the Memphis Riverfront which includes green space, public amenities, private development and economic opportunities developed jointly with citizens and funded through a public/private partnership (http://www.memphisriverfront.com/.) The president of the non-profit is Benny Lendermon, III who is the former Director of Public Works for the City of Memphis. RDC is responsible for the development of 5 miles of the Mississippi riverfront in downtown Memphis. They unveiled a master plan for the riverfront in 2002. Projects they have worked on include: Confederate Park Renovations, Historic Cobblestone Landing, Beale Street Landing, Promenade, Mud Island Land Use Study, and the Riverfront Master Plan.
The Riverfront Master Plan was adopted by the Memphis City Council in 2004. In an effort to understand if the Riverfront Master Plan was feasible, RDC asked the Urban Land Institute (ULI) to evaluate the plan. This evaluation is called “An Advisory Services Panel Report: Memphis Riverfront: Memphis, TN.” The evaluation from an impartial third party is crucial to the implementation of such a large scale project. One aspect that has been scratched from the master plan is a land bridge that was determined to be infeasible and the change was approved by the Memphis City Council.
The RDC are now making strides in improving the Memphis riverfront and trying to take advantage of its excellent positioning on the Mississippi River. The City of Memphis and RDC struck a deal with the Great American Steamboat Company to change its headquarters to Memphis and employ about 250 people. The deal has huge potential for economic development advances for the city and the riverfront. The company has chosen One Commerce Square for their headquarters. Great American Steamboat has purchased the American Queen from the U.S. Department of Transportation for 15.5 million dollars. The steamboat is 418 feet long and boasts 436 beds.
The City of Memphis is putting up 9 million dollars in Federal Housing and Development loan funds for the 31 million dollar project. The money will be paid back over a 10 year period via an 89 dollar docking fee, which will decrease to 15 dollars after the loan has been repaid. Private entities such as the Hyde Foundation are also putting up money for the project. The Great American Steamboat Company is spending 5 million dollars on renovations of the American Queen for her maiden voyage, which is expected to be on April 11, 2012 from the Beale Street Landing.
The Greater Memphis Chamber says the project will create 589 jobs and 89.5 million dollars’ worth of annual economic impact. The 89.5 million will come from passengers staying in hotels and shopping in Memphis since the American Queen will spend 20 percent of its time in Memphis. The steamboat project is expected to bring in an additional 1.5 million dollars in tax revenues for the city. She will also be visiting 13 other states along the Mississippi River.
The Beale Street Landing project is one that has had its ups and downs along the way but the Great American Steamboat Co. deal has been a definite advantage. The project has been affected by delays from the flooding of the Mississippi River, financing, budgeting, and project bidding concerns for the fourth phase. The project has been developed in 4 phases and scheduled to be finished in late 2012. It was originally slated for a 2008 opening but some of the factors listed above attributed to its current delay. The fourth phase should be finished in late 2012 but enough of the project will be done so the American Queen can have her maiden voyage in April.
Hopefully the riverboat will be able to have a positive impact on the city and in theory it should. Will it be able to help boost the completion of the Beale Street Landing? Will it be a catalyst for future economic development? If everything works out favorably, this could be a huge enhancement to the riverfront. The revitalization of the downtown riverfront and the acquisition of the American Queen should increase economic development in downtown as a whole. However, RDC has to figure out a way to finish the Beale Street Landing in a positive way so it can be a catalyst for future downtown development. Only time will tell if these actions by the City of Memphis and RDC will pay economic dividends.
The Riverfront Master Plan was adopted by the Memphis City Council in 2004. In an effort to understand if the Riverfront Master Plan was feasible, RDC asked the Urban Land Institute (ULI) to evaluate the plan. This evaluation is called “An Advisory Services Panel Report: Memphis Riverfront: Memphis, TN.” The evaluation from an impartial third party is crucial to the implementation of such a large scale project. One aspect that has been scratched from the master plan is a land bridge that was determined to be infeasible and the change was approved by the Memphis City Council.
The RDC are now making strides in improving the Memphis riverfront and trying to take advantage of its excellent positioning on the Mississippi River. The City of Memphis and RDC struck a deal with the Great American Steamboat Company to change its headquarters to Memphis and employ about 250 people. The deal has huge potential for economic development advances for the city and the riverfront. The company has chosen One Commerce Square for their headquarters. Great American Steamboat has purchased the American Queen from the U.S. Department of Transportation for 15.5 million dollars. The steamboat is 418 feet long and boasts 436 beds.
The City of Memphis is putting up 9 million dollars in Federal Housing and Development loan funds for the 31 million dollar project. The money will be paid back over a 10 year period via an 89 dollar docking fee, which will decrease to 15 dollars after the loan has been repaid. Private entities such as the Hyde Foundation are also putting up money for the project. The Great American Steamboat Company is spending 5 million dollars on renovations of the American Queen for her maiden voyage, which is expected to be on April 11, 2012 from the Beale Street Landing.
The Greater Memphis Chamber says the project will create 589 jobs and 89.5 million dollars’ worth of annual economic impact. The 89.5 million will come from passengers staying in hotels and shopping in Memphis since the American Queen will spend 20 percent of its time in Memphis. The steamboat project is expected to bring in an additional 1.5 million dollars in tax revenues for the city. She will also be visiting 13 other states along the Mississippi River.
The Beale Street Landing project is one that has had its ups and downs along the way but the Great American Steamboat Co. deal has been a definite advantage. The project has been affected by delays from the flooding of the Mississippi River, financing, budgeting, and project bidding concerns for the fourth phase. The project has been developed in 4 phases and scheduled to be finished in late 2012. It was originally slated for a 2008 opening but some of the factors listed above attributed to its current delay. The fourth phase should be finished in late 2012 but enough of the project will be done so the American Queen can have her maiden voyage in April.
Hopefully the riverboat will be able to have a positive impact on the city and in theory it should. Will it be able to help boost the completion of the Beale Street Landing? Will it be a catalyst for future economic development? If everything works out favorably, this could be a huge enhancement to the riverfront. The revitalization of the downtown riverfront and the acquisition of the American Queen should increase economic development in downtown as a whole. However, RDC has to figure out a way to finish the Beale Street Landing in a positive way so it can be a catalyst for future downtown development. Only time will tell if these actions by the City of Memphis and RDC will pay economic dividends.
No comments:
Post a Comment