Memphis City Council delays vote on Liberty Park developments. A look at the three projects
Memphis City Council on Tuesday delayed votes on a series of developments at Liberty Park that could eventually transform the area around Simmons Bank Liberty Stadium and the Memphis Sports and Events Center.
City Council considered three projects — an entertainment complex, a mixed-use development with apartments and retail space and a hotel — with all potentially getting 30-year lease agreements that include extension options.
All the resolutions proposed by City Council include language explaining why the city is interested in building more developments at Liberty Park.
“The presence of new private, commercial development within the Liberty Park Tourism Development Zone, and specifically the sales tax revenues generated by such private businesses, is essential to the City’s ability to pay the annual debt service of approximately ($3,700,000) on the Tourism Development Zone Bonds issued to pay for the redevelopment of Liberty Park, and without such revenues, the City would be responsible for paying the annual debt service from its general fund," the resolutions say.
There's also language that says the area needs hotel and entertainment options because of family events at the Sports and Events Center.
"Such amenities are increasingly available at other sports facilities with which MSEC must compete for business," the resolution says.
Votes on all three projects were pushed to the July 23 City Council meeting, with a number of councilors saying it was unrealistic to consider all the projects during budget season.
The city has been trying to finalize plans for Liberty Park developments for years. Tuesday's news comes after University of Memphis officials announced last week that they'd officially started renovations at Simmons Bank Liberty Stadium, where the Tigers' football team plays. That $220 million project — which is expected to be completed before the 2026 football season — included $120 million in state money that was allocated by the city in a deal that also transferred ownership of the stadium from the city to the university.
High Five Entertainment Complex
The first project is an entertainment complex operated by High Five Entertainment that would include a bowling alley, laser tag, video games and a restaurant. The company has similar complexes in Austin and Lakeway in Texas.
The company will pay the city $17,756.60 per year for the first five years after the complex opens. That rate will then rise by five percent every 10 years after that. The deal is for a 30-year lease, with options to extend by 10 years four times.
Liberty Park Residences
The second project is a mixed-use development with Delaware-based Liberty Park Residences, LLC. It calls for a development on a 1.56-acre parcel that would include 200 residences and 12,000 square feet of retail space.
Developers would pay $77,847.17 per year for the first five years after the development opens. It would then increase by four percent every five years during the lease term and the potential extension options. The 30-year lease could be extended by six 10-year periods.
Hotel project
The third project is a hotel being developed by Capstone and M&M. The resolution lists the developer as G2 Venture Group, but councilman Philip Spinosa said at the meeting that the resolution listed that in error.
The hotel would have approximately 150 rooms and would include restaurant and retail spaces on the ground and a rooftop bar. The rent would start at $34,958.31 per year.
Votes pushed
While the projects have been in the works for years, councilors said during Tuesday's housing and community development committee meeting that they needed more time to go over the documents and talk with developers about the projects. Councilman Chase Carlisle pushed back against the idea that the city needs to push through the developments so it can pay off debt at Liberty Park.
"This is a business deal, full stop. The city's got to stop doing bad business deals. How many more do we want to do?" he said. "We're underwater on the bonds here. And the response to that is, 'Well you better do this 100-year deal quickly or we're in trouble.' How about we do the right deal?"
Other councilors said they needed time and more information from the administration about the proposals, including more information from developers. Ashley Cash, the city's housing and community development director, said a weekslong delay wouldn't have a major effect on the project, but further delays could eventually cost the city money because it will have to start payments on the Tourism Development Zone created in the area.
Officials are looking at a start date for construction in the third quarter of 2026, Cash said.
Reach sports writer Jonah Dylan at [email protected] or on X @thejonahdylan.
This article originally appeared on Memphis Commercial Appeal: Liberty Park: Memphis City Council delays vote on three projects