New Grizzlies ownership could also bring new downtown development - WMC Action News 5 - Memphis, Tennessee

New Grizzlies ownership could also bring new downtown development

Looking around downtown Memphis, it's not hard to find new construction, or old buildings undergoing renovations for new businesses.  New homes, especially condos, are also hard to miss.  It's a trend potential Grizzlies majority owner Brian Davis wants to be a part of, and downtown business owners welcome new investment.

Tom Martin, who's family has owned a downtown auto repair shop since 1960, said his business has seen tremendous growth with the revitalization of downtown.

"Any revitalization brings more people, which means more dollars," he said. "Those dollars continue to roll over and a lot of it trickles my way."

Davis plans to invest $500 million to $1 billion in downtown Memphis over time,  building properties suitable for both businesses and residences.  It's something he has done in other cities, including Raleigh-Durham and Baltimore.

Rickey Peete, President of the Beale Street Merchant Association, said he would like to see more development South of FedExForum.  "That whole area needs to be redeveloped," he said. "Investment needs to be  put in the area, and it needs to be inclusive and diversified."

The Grizzlies announced Monday that majority owner Michael Heisley had agreed to sell controlling interest of the Grizzlies to an ownership group led by Davis.  The transfer is subject to first right of refusal by minority owners of the team, as well as the approval of the NBA’s Board of Governor’s.

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