(WMC-TV) - The former Greyhound bus station has the potential to be something great for that area. The Downtown Memphis Commission is hoping that whatever ends up in that place will benefit the surrounding community.
The former bus station, located at 195 Union Avenue, is on the market for $1.8 million.
Downtown Memphis Commission President Paul Morris says it is critical that the site be developed in the best way for the community.
"That's such an important site and site with such opportunity because it is between AutoZone, FedExForum, and Beale Street that you want to put the right thing there," he said. "You don't want to put just anything there."
Talk of a new hotel or a new convention center has been circulating, but Morris says all of that is very preliminary, in fact, the land is still for sale.
"It's owned by an entity related to Greyhound," he explained. "We're looking to work with the owner or potential owner on whatever development might occur."
It could be years before a solid plan is in place. Until that happens, speculation will continue to surround Union Avenue property.