A home-grown real estate developer announced plans Tuesday to transform the Edge district near Downtown with more than $70 million in apartments, offices, shops and amenities.

Plans by Development Services Group, led by Gary Prosterman, include $64.5 million in projects to rehabilitate part of the historic Wonder Bread bakery for offices and replacing the rest with 286 apartments and a 480-space parking facility.

The development is contingent on approval of a 20-year partial property tax abatement and public support for a parking structure. The tax measure is scheduled to be considered Tuesday by the Center City Revenue Finance Corp.

Prosterman, a hotel developer who was involved in rescuing One Commerce Square and the Hotel Chisca, has been steadily buying buildings and lots in the Edge district over the past few years through PGK Properties.

A news release said pieces of Prosterman’s master plan include:

400 Monroe (eastern portion of Wonder Bread bakery), 286 new construction market-rate, class-A apartments and a 480-space parking garage. DSG identified partners as SWH Partners, Atlanta apartment developers, as co-developer; Looney Ricks Kiss, architect; and Montgomery Martin Contractors.

400 Monroe, a section of Wonder Bread factory in “excellent condition” will be converted to 75,000 square feet of premier office space and retail. Headquarters of a 120-employee financial services firm from outside Memphis would occupy the office space.

411 Monroe will be restored as 17,000 square feet of premier office space.

421 Monroe, the Cycle Shop, will be a 27,000-square-feet mixed use renovation including City & State and offices of Memphis Medical District Collaborative. A2H is architect and engineer and ViktorHall Construction will be contractor.

435 Madison, former glass factory, will be renovated as 35,000-square-foot office and recreational space.

Future plans, not part of the initial presentation to Downtown officials, will include redevelopment of abandoned rail spur, known commonly as “The Ravine,” into new public greenspace; adaptive reuse conversions of 484 Union, 571 Marshall, 603 Monroe (formerly Kudzu’s) and 620 Monroe into new mixed-use properties, and new construction on a surface lot next to 603 Monroe.

Prosterman, DSG president and chief executive, said he sees “amazing potential” in the Edge’s historic properties and proximity to Downtown and the Medical District.

“If you look at an aerial map, it is obvious that the Edge is the ‘hole in the donut’ that can be filled to connect downtown and the Memphis Medical District,” Prosterman said.

“When the Downtown Memphis Commission made it clear that this area was a priority for them, we decided to make a substantial investment and do what we could to catalyze the revitalization of the Edge district. This is a transformational project and a once-in-a-lifetime opportunity to create something exceptional in this area that combines and utilizes a variety of residential, retail, commercial, and greenspace uses,” Prosterman said.

Downtown Memphis Commission vice president of planning and development Brett Roler called it a catalytic project that wouldn’t be possible without the agency’s incentives.

“We applaud DSG’s level of investment in the district, as well as their commitment to maintaining the character of the neighborhood through adaptive use of existing buildings. We look forward to partnering with DSG for the betterment of our entire downtown," Roler said.

Tommy Pacello, Memphis Medical District Collaborative president, said, “Market studies show that strong demand exists for additional residential and retail developments here. MMDC is thrilled about DSG’s efforts to create additional density, increase economic vitality, and strengthen the connections within downtown.”

The release identified DSG as master developer with SWH Partners co-developing the apartments at 400 Monroe; Worthington Hyde, project investment partner. Looney Ricks Kiss assisted DSG with master planning.

DSG describes itself as “a developer of high-quality urban infill and adaptive reuse projects, primarily in the multi-family and hospitality sectors.” It has done major hospitality projects in Tampa, Houston, Philadelphia and Atlanta.

Said Prosterman, “I’m a native Memphian and everyone on our team appreciates the need to make our hometown as successful and strong as it can possibly be. Ethan Knight, our Vice President of Development, has done a phenomenal job assembling the parcels and developing our master plan. For us, this project allows us to do something meaningful in the heart of our city that will generate more value and unlock more potential for years to come.”

Construction at 400 Monroe and 421 Monroe would begin in September, pending approval of incentives.