Dirt could turn on Liberty Park as soon as Tuesday after the more than $200 million project cleared a key funding hurdle at the state level.
Liberty Park, the youth sports complex to be built at the Mid-South Fairgrounds, got bond approval Monday, May 24th, from the Tennessee State Funding Board. Those bonds will be supported from the Tourist Development Zone (TDZ) established for the project, so some tax dollars collected within the zone will go to the project and not state coffers.
With funding in place, the city of Memphis gave the green light to Turner Construction and onsite groundwork can begin at the Fairgrounds as soon as Tuesday, May 25th, officials said Monday.
“Our project timeline remains on schedule, and our construction team is prepared to begin the next phase of Liberty Park immediately,” said Mary Claire Borys, administrator of strategic initiatives for the city of Memphis Division of Housing & Community Development. “We look forward to getting the Sports and Events Center underway while also reimagining and returning the Liberty Park campus to its true ‘park’ identity with infrastructure and landscaping plans.”
The project will be anchored by the Memphis Sports and Events Center (MSEC), a 227,000-square-foot, column-free events pavilion designed to host sporting events, trade shows, graduations, and more. Construction of the MSEC is slated to be complete by October 2022.
Initial work at Liberty Park will focus on the MSEC and along Central Avenue for a future 18-acre mixed-use private development with public plazas, hotels, retail and dining space, and residential apartments.
So far, city leaders have signed letters of intent with Capstone Development Co. to develop two hotels at Liberty Park and with High 5 Entertainment to develop a 40,000-square-foot indoor arcade — complete with a bowling alley, bars, and restaurant — and a 25,000-square-foot outdoor miniature golf course.
Liberty Park’s plans also include improved public rights of way, new playgrounds and pavilions, a renovated Pipkin Building, outdoor playing fields at the MSEC, and a new track and football field at Tobey Park.
The city portion of the project is $126 million, with $70.6 million to come from the TDZ fund.