MEMPHIS, Tenn. (WMC) - Plans to redevelop a Binghampton apartment complex moved forward Friday, with the city executing a formal agreement to transfer the land to a private developer.
The city went through with a purchase sale agreement for the 8.1-acre property at Tillman Cove and Tillman Street, near the terminus of the Shelby Farms Greenline.
Developers are now working to finalize financing for the project, according to city spokesperson Arlenia Cole.
Tillman Cove was last occupied in 2016, when the owners of the troubled apartments abruptly shut down, giving residents just two weeks to move out.
The City of Memphis purchased the property in July 2018 for $811,000 according to county assessor records.
The following year, the property was one of several city-owned lots opened up for private development proposals. Elmington Capital Group of Nashville was awarded the project in July 2019 with input from the Bimghampton Development Corporation.
Demolition of the blighted apartment property began in September 2019, with developers sharing renderings of a new mixed-use community that would feature 218 residential units and 4,500 square-feet of retail space.
A completion date was announced for 2021, though it is unclear if plans will be downsized or delayed due to the coronavirus pandemic.