MEMPHIS, Tenn. – A Texas-based developer is planning to buy a 179-acre site in Cordova and transform it into a mixed-use community, should the $300 million project get approval from Memphis City Council.
A large part of the site along I-40 and Highway 64 includes the empty north course at the Colonial Country Club, which hasn’t been used since 2015.
The plan, which was presented to area homeowners Wednesday night, includes 540 single family homes with starting prices in the $300,000 range, a 250-unit apartment building and 200 senior housing units.
“Put my name up for top of the list. I mean, I’m 71 years old, I’ll be 72 next week,” said Chet Sisk.
“This is what we need. We need to develop that course,” said homeowner Bruce Barney.
Sprinkled in with some new roads and several parks, the developer, JAMP, is also planning a mid-rise office tower, a full-service hotel and more than $100,000 square feet of retail and restaurant space.
Homeowners are already excited about the potential windfall from increasing property values.
“I hope they do. If they increase my property taxes, then my property went up and that’s what’s gonna happen,” said Sisk.
The developed area alone could have a taxable value of half a billion dollars, JAMP estimates. It would also send extra revenue to the Colonial Country Club as more people join.
“The plan is that the people who move into this area, into the development will be members of the club, and they will be part of it when they purchase or rent,” said James Russell with CC Club Holdings, the company that owns the club.
The plan goes before the city’s Land Use Control Board on September 13 and will then go to City Council for a vote.
A previous proposal for redeveloping the golf course quickly gained approval from council members in 2016.
