Site of planned $65 million South Main Arts District project sold for $2.8 million
February 22, 2022 | Corinne S Kennedy | Memphis Commercial Appeal
An Australian real estate investment firm has sold a chunk of land in the South Main Arts District, the proposed site of a planned $65 million mixed-use development.
Drapac Capital Partners on Tuesday announced the sale of 509 S. B.B. King Blvd. to Virginia-based developer Capital Square for $2.8 million. Capital Square and local developer KRN Development plan to build the Butler Row development at the site.
Plans for Butler Row call for 285 apartments, 10,000 square feet of retail and a 300-stall parking garage. The developers received a payment-in-lieu-of-taxes incentive for the project from the Downtown Memphis Commission’s Center City Revenue Finance Corporation and plan to break ground later this year.
“Downtown Memphis is experiencing a resurgence, as developers are drawn to this vibrant cultural hub that is rich in arts, music and history,” said Max Cookes, executive director of property at Drapac, in a press release.
