(WMC-TV) – A celebration is being held right now at Overton Square in Midtown where big changes are about to be made.
Developer Bob Loeb believes his plans for the square will help to strengthen the core of the city.
"A healthy Midtown is essential to a vibrant downtown," he said.
Some of the developments are expected to open at the end of this year and all of it is expected to be complete by August 2013.
People can expect to see a mix of retail shops and restaurants on the north and south sides of Overton Square. Those include a coffee shop, bakery, green grocery store, and an expanded Memphis Pizza Café and Boscos.
The project has received heavy financial backing.
"The city's $16 million contribution," said Loeb. "Playhouse on the Square and their three theaters has at least that much invested in the area; our investment is estimated at $20 million."
The city is expected to pay for two major projects: a water detention facility to address flooding concerns and a new 450 space parking garage.
There is also a new study underway to figure out what to do with the former French Quarter Inn.
"A feasibility study I am working with Mohamad Hakimian, the former GM of the Peabody, and then the Madison Hotel," explained Loeb.
All of the planning associated with this huge project is drumming up excitement and anticipation for a new and improved Midtown Memphis and beyond.