For James Maclin, Jr., his firm's potential redevelopment of 18 acres at the Mid-South Fairgrounds is more than just another deal.

Maclin, a former University of Memphis football player, grew up watching wrestling at the Mid-South Coliseum and played at the Liberty Bowl.

"It has special meaning for me — beyond just doing a deal," said Maclin during an interview Monday.

Last week the City of Memphis chose M&M Enterprises, led by Maclin, and Belpointe, a Connecticut-based real estate firm, to redevelop 18 acres of city-owned land at the Fairgrounds. The project, which is still being finalized, could represent $30 million in private investment at the Fairgrounds, according to city estimates.

More than 250 apartments, ground floor retail space and a 120-room hotel could soon sprout at the Mid-South Fairgrounds, potentially bringing years-old City of Memphis plans for the Fairgrounds’ future from concept to reality.

City officials say the development could be a crucial step toward the broader reimagining of the Fairgrounds, which includes a $40 million youth sports facility. The Central Avenue site is among the eight sites the City of Memphis put out for private developers to bid on in February.

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“(Belpointe has) done deals similar to what we would like to see happen at the Fairgrounds, which is mixed-use, driven by retail on the bottom floors and potentially multi-family on the upper floors,” said Paul Young, director of Housing and Community Development for the City of Memphis, in an interview.

Maclin said that it's too early in the development process to know exactly how many apartment units would be in the final project. He said it could be anywhere from 250 to 500, depending on demand. He said demand for the hotel would have to be proven before that, too, becomes a set part of the plan.

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“The concept will create a walkable 'place' and urban center by establishing an urban edge on Central Avenue that is activated by a variety of leased spaces to support the needs of the (Fairgrounds) community. Our concept will provide a strategy for scalable green spaces, more completed streets, well-defined campus edges, and meaningful gateways,” the development proposal read.

He described the redevelopment as a great opportunity for the city, and he hopes that the mixed-use development becomes a place that's attractive to outside employers considering Memphis for relocation.

It could also add amenities for those who live in the Orange Mound neighborhood, he said.

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For the city, the proposed development represents a chance to turn Memphis’ comprehensive plan, Memphis 3.0, into more than just a document. The project would be the type of infill the City of Memphis wants to see in that part of town.

“It creates another node of activity between Highland and Cooper. It also complements the (youth sports facility). ... We need to generate sales tax at the Fairgrounds to support the (Tourism Development Zone),” said Young. “Having retail as well as multi-family, it creates a built-in market for the retail.”

The sales tax the 39,000 square feet of proposed retail space could generate would also be crucial for the city in its efforts to pay for the planned youth sports facility. The youth sports facility, and the Fairgrounds, is part of the Fairgrounds Tourism Development Zone, which is a special taxing zone that captures sales tax from the TDZ and uses them to pay for certain public projects.

The youth sports facility would be paid for using TDZ bonds and then the sales tax generated by the Fairgrounds redevelopment, as well as certain commercial areas throughout Midtown, including Crosstown Concourse and Overton Square.

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Young said the parties are still in negotiation, but the City of Memphis is proposing that it would maintain control of the land and the developer would lease it through a long-term ground lease.

What compensation the city would receive for allowing a private developer to redevelop public property is still being determined, he said.

Maclin said it's "way too early to tell" about the ownership of the land, but the development team did have some flexibility.

The Fairgrounds and the development site fall into what is called an Opportunity Zone. Those zones were created as part of the 2017 federal tax reform and allow developers to shield capital gains — money earned on the growth of an investment — if that money is invested in an Opportunity Zone.

Young said one reason Belpointe and M&M were chosen was local investors can invest alongside Belpointe if they have $10,000 in capital gains to invest. Most Opportunity Zone funds require a much larger amount of capital gains to participate in the fund.

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