MEMPHIS, Tenn. (localmemphis.com) – President Trump’s Secretary for U.S. Housing and Urban Development was checking out all the development in downtown Memphis Friday.
Secretary Ben Carson also came to promote a new federal opportunity zone program. It’s being used to fund projects like the billion-dollar Union Row development downtown.
Parts of downtown Memphis are in what’s called an opportunity zone. That gives investors, like the ones developing Union Row, tax advantages.
Carson got to see first-hand what Union Row will look like when completed. Large renderings show the size and scope of the project. Carson said this project is just what opportunity zones were created for.
“I know this is going to be highly successful. What it will do is it will stimulate more activity elsewhere,” said Carson.
The site is bordered by Union, Fourth, Gayoso, and Danny Thomas.
“You’re going to have lab space, innovation space, retail space, and of course urban living space, and it’s all in one community,” said Sen. Marsha Blackburn, (R) Tennessee.
While opportunity zones give investors tax breaks, Rep. David Kustoff says the project will create jobs and hopefully spin off additional growth downtown.
“The businesses that will want to be around here, Union Row, will want to come downtown. This area is enjoying a renaissance we have not seen in a long, long time,” said Rep. David Kustoff, (R) Tennessee.
There are 30 opportunity zones in Memphis and two are in Millington.