MEMPHIS, TN -
(WMC-TV) - The group looking to redevelop the vacant Sears tower made a request for millions of dollars from the City of Memphis to help with the Crosstown Development Project.
Several organizations, including the Church Health Center, ALSAC St. Jude, and Methodist hospital, have committed to moving into the space, and raising the capital to refurbish the building.
Developers said the financial commitment will show the city is serious about the Sears project.
The 1.5 million square-foot former warehouse, distribution, and retail facility located at the intersection of North Watkins and North Parkway on the V&E Greenline is part of city councilor Lee Harris' district. He said the $15 million is a small investment when compared to the returns on the project.
Crosstown developers said the project will create more than 800 new jobs once the project is complete. Also, it will create 1,800 jobs during construction.
The yearly economic impact is estimated at $330 million.
The Crosstown Development Project has the support of the mayor's office. The director of Housing and Community Development Robert Lipscomb has committed to help find the $15 million in federal funds so that the city will not have to dip into the general fund.
The developing partners want to move into the Sears Building by 2016.
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