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MEMPHIS, Tenn. — After years of talk, developers aim to break ground this January on the One Beale project at the foot of Beale Street and Riverside Drive.

The first phase of the $225 million riverfront development, anchored by a 227-room Hyatt Centric hotel, 227 apartments and a seven-story parking garage, could be complete by early 2021, said Chance Carlisle with Carlisle Development.

The hotel will feature a riverfront restaurant operated by local chef Andy Ticer and Michael Hudman.

A second phase of development would add an office tower of 200,000 to 400,000 square feet.

Originally proposed in 2005 as a high-rise development, the buildings in the current plans have been scaled down but spread over a wider footprint of 5.5 acres.

The centerpiece of the site is a lot that has remained vacant since 2003. The old Wm. C. Ellis machine shop building on Front will be partially preserved as meeting space for the hotel.

Carlisle said the project will create 1,400 construction jobs and more than 400 permanent jobs once completed, with a total economic impact to the city estimated at $294 million.