Proposed shopping center at 2571 N. Hollywood St.
A near 20-acre lot in Frayser that has been vacant for over two decades will now be transformed into a shopping center with retailers, grocers, and restaurants.
The Economic Development Growth Engine for Memphis and Shelby County (EDGE) awarded the Frayser Gateway team a 15-year Community Builder Pay-in-Lieu-of-Taxes (PILOT) incentive to develop 97,000 square feet of space.
The incentive gives the group a temporary abatement of taxes in return for contracting local minority or women-owned small businesses.
Costing a little over $16 million, the proposed shopping center is expected to bring 136 jobs to an area that has unemployment rates between 15 to 30 percent.
The new space at 2571 N. Hollywood St. will be a grocery-anchored shopping center, providing access to food in neighborhoods that are currently certified food deserts.
EDGE board members commended the group for their proposal, as chairman Al Bright Jr. says the Frayser Gateway will bring economic growth to the area and put money back into the community, while eliminating blight and creating jobs.
Construction on Frayser Gateway is set to begin in late 2018.