MEMPHIS, TN (WMC) - Demand is growing for apartments in downtown Memphis with thousands more planned in the coming years.
Native Memphian Marty Kelman spent Friday entertaining family from California in for the Thanksgiving holiday.
Kelman showed them the mighty Mississippi and a downtown Memphis that's growing, adding apartments left and right.
“I keep hearing about the development taking place and I’m real excited about it,” Kelman said. “Those apartments are bringing a lot of people to come stay in Memphis and a lot of young people seem to have really been attracted to it.”
The Downtown Memphis Commission says there are a little more than 10,000 apartments in downtown Memphis concentrated in 150 or so buildings.
Occupancy is roughly 95 percent.
“Right now they sell out as soon as they’re built,” said DMC President Jennifer Oswalt.
Oswalt says roughly 2,000 apartments are either under development or planned. Increased demand is expected to follow ServiceMaster’s recent move downtown and St Jude’s pending expansion.
Developers with the $950 million, 29 acre Union Row project at Union, Danny Thomas, Fourth and Beale, say they anticipate at least 500 apartments in their project along with retail, dining and a hotel.
“We need our gateway to look like a gateway,” said Kevin Adams with Big River Partners.
But crime concerns still linger.
Greater Memphis Chamber President and CEO Phil Trenary was shot and killed on South Front Street in September in a robbery attempt.
Three people were charged in his killing.
“The best thing that we can do to combat crime is vibrancy and more people on the street so that’s why our tools go to bring more people downtown for not only living working but also enjoying their free time,” Oswalt said.