Foote Park at South City Debuts New Property with Grand Opening
September 16, 2019 | McCormack Baron Salazar
Foote Park at South City welcomed the South Memphis community during a Grand Opening Ribbon Cutting on Monday, September 16, 2019
The grand opening comes three years after the 75-year-old housing complex, Foote Homes, was vacated. Nearly half of the 114 units in the current phase of the project have been set aside for public housing residents including those who formerly resided in Foote Homes. The new development offers a rebirth for the community that includes mixed-income housing, neighborhood infrastructure and retail improvements, health and wellness amenities and wrap-around services to ensure families thrive. This development is funded by the South City Choice Neighborhoods Initiative Implementation Grant.
“Affordable housing is necessary to boost and bring communities together,” Paul Young, director of the City of Memphis Division of Housing and Community Development says. “This has been home to so many families, and Memphis Housing Authority as lead grantee, City of Memphis as co-grantee and our community partners are excited to offer Foote Park at South City to everyone as their new home.”
Foote Park at South City is the $17.6 million first phase of a multi-phase Choice Neighborhood transformation plan. Funded by a $30 million grant from HUD, the complete plan includes up to 712 new apartments. McCormack Baron Salazar, Inc. is the developer and owner of the new housing, in partnership with ComCap Partners and the Memphis Housing Authority.
“We are excited to bring former Foote Homes residents home - and to welcome new families who want to live in this vibrant community,” said Vincent R. Bennett, President of McCormack Baron Salazar. “This new mixed-income development is rooted in the rich history of this neighborhood, building off the best of the past to pave the way for a strong future.”
Urban Strategies, Inc. serves as the human capital partner, providing service coordination and case management to former Foote Homes residents - with support from the Women’s Foundation for a Greater Memphis. LRK is the architect and Capstone Building Corporation is the general contractor. Chase is the lender and RBC Capital Markets is the equity investor with low income housing tax credits provided by the Tennessee Housing Development Agency.
“South City exemplifies `A Choice Neighborhood,’ one that is comprised of affordable housing to anchor community prosperity, residents in solidarity fostering community pride, high performing schools to help nurture the growth and development of our children, and opportunities for economic development,” says Marcia E. Lewis, Memphis Housing Authority chief executive officer. “The Memphis Housing Authority is proud to be part of this transformation.”