MEMPHIS, Tenn. (WMC) - Community and business leaders gathered together Tuesday for the groundbreaking of the much-anticipated One Beale development in downtown Memphis.
The $150 million project will consist of a six-story luxury apartment development that includes a fitness center, rooftop pool and views of the river.
One Beale will also be anchored by a Hyatt Centric 'lifestyle' hotel. Found only in a handful of cities around the world, including Paris and New York, the hotel promises to give guests a unique experience.
One Beale has been in the works for years.
The late developer Gene Carlisle had long dreamed of connecting Beale Street to the Memphis riverfront.
When he died in 2015 his son Chance took up the cause.
Last year, Chance Carlisle took a big step toward fulfilling his late father's dream when he announced the development partners for the One Beale project.
Thirteen months later, he joined community and business leaders for the groundbreaking as crews worked to prepare the site for construction.
"This is something that we've always felt for decades that needs to happen for the city because our riverfront is one of the best in the world; our sports and entertainment district is one of the best in the world and the two have just never been connected," said Carlisle.
Memphis Mayor Jim Strickland says it'll add to downtown's rebirth.
"It's more jobs and more development and cleaning up a blighted piece of property," said Strickland.
Located at Beale and Front, One Beale will also include the old Ellis Machine shop buildings, which preservationist June West, the executive director of Memphis Heritage, made sure would be repurposed instead of torn down.
"Saving and re-purposing buildings makes Memphis special and it keeps Memphis' soul," West said.
Carlisle says he thinks his father would be excited by how much progress has been made toward his vision.
"You know, he would be ecstatic," Carlisle said tearing up. "he's always been a believer in Memphis and so am I."
Construction on the hotel should be complete in December 2020.
The apartments should be finished in 2021.
The Carlisle Corporation and its teams are working to finalize the details surrounding third, fourth and fifth phases of One Beale.