Downtown Memphis Looks To Sports Arena To Spur Development

"The area around FedExForum has largely been untouched since the arena opened in 2004, but progress is evident. A Westin hotel is under construction across the street from the Forum. The Lee's Landing Parking Garage, a $9.7 million facility with 73 percent minority ownership, recently opened, bringing 530-plus parking spots to the Beale Street-FedExForum area."

Even so, "it could be said that FedExForum sits at the intersection of Opportunity and Long Odds." Largely neglected for decades, the neighborhood could benefit from a potential $500 million to $1 billion transformation of the FedExForum neighborhood, spoken of by a potential new owner of the Memphis Grizzlies.

"But as with most Downtown projects, it won't be easy. Land assembly will be difficult because of the multitudes of landowners in the roughly 150-acre area...Property owners in the area could hold out for unreasonably high prices, stalling any hopes for large-scale retail, office or residential development."