$79 million apartment project slated for Edge neighborhood

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Memphis developer Development Services Group is working with Atlanta-based META Real Estate Partners on a $79.6 million apartment project that it hopes will help transform part of Union Avenue into a the Edge district.

Dubbed Rise on the Ravine, plans call for 266 multi-family units and a 320-space parking lot. The site, which stretches along the 400 block of Union across from the former Commercial Appeal building, is currently occupied by surface parking, a vacant warehouse and a former auto shop.

The project would consist of several buildings with The Ravine Park, currently under construction, running through the development.

The development team is applying for a 20-year payment-in-lieu-tax incentive from the Downtown Memphis Commission’s Center City Revenue Finance Corporation.

Renderings show what the Rise on the Ravine apartment complex could look like.

In the PILOT applicationEthan Knight, vice president of development for Development Services Group, said the group is committed to downtown Memphis and wants to help usher in a new era of development.

“We believe Rise on the Ravine will be a paradigm shift in how Memphis residents and visitors perceive the area—another significant step forward for downtown Memphis,” he said.

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The project is the second phase of the Rise development, the first phase of which includes 286 apartments. The development team hopes to begin work in the first quarter of 2023 and complete the project in early 2025.

CCRFC is due to discuss the project on Tuesday.

Corinne S Kennedy covers economic development and healthcare for The Commercial Appeal. She can be contacted by email at Corinne.Kennedy@CommercialAppeal.com

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