The Walk will bring apartments, two hotels, office space, retail and at least one grocery store to Downtown.

With the size of the project, Kustoff sees Memphians benefiting a lot. “Think about the construction you see right here and the jobs that it’s going to create. When we talked about this project, it’s $950 million that’s going to go right here in economy.”

The first phase of the project represents just over half the $950 million budget. That will bring 310 hotel rooms between two hotels, 711 apartments between several buildings, 250,000 square feet of Class A office space plus another 120,000 square feet of lab office space.

“It has a 28% MWBE goal, that’s 28% on a billion dollars. It can be a game-changer for small, minority, women owned businesses,” said Joann Massey, Director of Business, Diversity and Compliance for the City of Memphis.

Developers estimate a finished Union Row will create 4,317 direct and indirect jobs, with an annual economic impact of $165 million.

Adams pointed to the TIF as one of the development's highlights. Blighted land seen on the Union Row site now generates a mere $50,000 in property tax, he said, while Union Row will pay $3.2 million more in taxes during the TIF’s lifespan to benefit Memphis, according to the presentation.

Consulting firm Younger Associates calculates the economic impact of the entire Union Row will be $4.65 billion over 20 years. That figure includes $1.1 billion generated by the apartments, $2.6 billion from retail, $587 million from the hotel and $267 million from the offices.