TLDR:
– Chance Carlisle and Tyrone Burroughs announced the creation of the River City Momentum Fund to provide investment opportunities for real estate developments in Downtown Memphis and throughout the city.
– The goal of the fund is to raise $100 million to $150 million by early 2025 with an ambitious target of over $1 billion in equity, debt, and public incentives in the fund’s reserves.
Securing financing for developments in Downtown Memphis has always been challenging, but Chance Carlisle and Tyrone Burroughs are aiming to change that with the establishment of the River City Momentum Fund. The fund will serve as a local venture capital fund, providing investment opportunities for both local and out-of-market investors in real estate developments in Downtown Memphis and beyond.
The primary goal of the fund is to raise $100 million to $150 million by early 2025, with an ambitious target of over $1 billion in equity, debt, and public incentives in the fund’s reserves. Carlisle expressed that the fund aims to streamline financing options for projects in Memphis, providing greater access for investors to fund projects and expedite the development process.
Some of the initial projects targeted by the fund include The Walk, One Beale, Central Yards, and the former Racquet Club in East Memphis. Carlisle Co. is involved in three of these projects as the primary developer. The fund also plans to offer financing for public-private projects like FedExForum, Renasant Convention Center district, and Liberty Park once the reserves are built up.
Overall, the River City Momentum Fund is seen as a significant step towards encouraging investment in Memphis and spurring development throughout the city. With a goal of attracting local and out-of-market investors, the fund aims to bring new life to stalled projects and create opportunities for developers across Memphis.
