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Raleigh Town Center
SummaryThe Raleigh Town Center District ("District") is a 211.5-acre area focused around the intersection of Austin Peay Highway and Yale Road that contains sites targeted for approximately $91 million of commercially taxed real estate development. This Economic Impact Plan provides for the financing of costs related to the construction of approximately $29,000,000 of required public infrastructure through tax increment financing.
The redevelopment area is made up of commercial properties along the Austin Peay Highway corridor from Raleigh-Millington Road on the south to Lakehurst on the North. The area has struggled economically for more than twenty years. By 2005, all three major department stores in the Raleigh Springs Mall were closed and the last major mall retailer closed in 2011. In 2016, the City of Memphis purchased the mall property. The mall site, at the intersection of Austin Peay Highway and Yale Road is the initial focus of the Raleigh Town Center District.
The District is surrounded by 19,195 homes with a median income of $35,600. The revitalization of the primary commercial corridor and introduction of services in this area is vital to the sustainability of the community and stability of the City of Memphis overall. The City of Memphis funded Civic Center, as phase one of the vision, is nearing completion and includes a new police station, library, 11-acre lake and a skate park. This Economic Impact Plan provides for financing public improvements needed for the creation of a Main Street for Raleigh, creation of mixed-use neighborhood and mobility improvements to connect the District to surrounding neighborhoods, and creation of public amenities for the District and the broader community.
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Projected MWBE Spending: