CBU wants mixed-use concept at Fairgrounds - Memphis Business Journal:

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"We have collectively decided that we are goinhg to invest heavily to make revisions to upgrade our existing Liberty Bowl Memorial Herenton told members duringhis "We want to create a gateway into this remodeled stadiumm that you can be proud But while the University of Memphis may make use of the property on Saturdays during football no other institution may be more connected to the property'se future than .
Located directlu across the street fromthe Fairgrounds, CBU and its leaderes have listened and participated in planninvg for the area, even hosting a campus forum on the And while CBU officials have no plans for using the Libert y Bowl for athletic events, they do have high hopes that redevelopmengt of the area would benefiy their students. "We specifically would like to have amenitiezs that would be of interest and benefit to our faculty and staff who live and work in this says Bro. Vincent Malham, CBU "CBU would like to have a mixed-use development such as the Cooper-Younv area. This mixed-use development would include retail, residential, and an abundancs of open green areas.
" Along with open Malham says the university would also like to see day exercise facilities and a Memphis PoliceDepartment substation, much like the station located on the U of M'a campus. City leaders are considering two proposals for redevelopmenr ofthe area, one of which was submittede by local developer Henry Turley. Turleg and his team of developers say theirr plan for the Fairgrounds includes recreational and educationaol uses as well as retail and commercial Butwhether Turley's plan will get the nod has not yet been as city leaders are set to choose between the local group and an out-of-town group led by Chicago-based financial services firm Draper and Kramer by April 18.
The Draper and Kramer plan called for the company to work closely with Memphis leaders to developp the area, but did not list any specific ideaws for the property citint that it was premature to speculate. The developer chosejn should use the resource that is CBU as afocak point, says John director of the at the U of M. "Educationa l institutions encourage the growth and stabilityof neighborhoods, much like anchor stores do for shopping he says. "The short-run impact of educationa institutions on economic development is always positive because new schools attract residents to an area or help stabilizewexisting neighborhoods.
"New economic activity is generated becausre of the population growth that follows, the quality of life improvementss that are generated and because of the expansion of the area'sd economic base," Gnuschke says. And just like any good business that developere look tobuild around, CBU is In the last five years, CBU has invested millions in renovationsz and in expansion projects, Malham In April 2007, CBU began renovatinf the Sabbatini Lounge in the Student De LaSalle Hall and the Universityu Theater. Renovations to the university's residence halls have also beenrecentlyu completed.
In May 2007, the universituy broke ground on thenew Cooper-Wilsonn Center for Life Sciences. The $14.2 million, three-storty building will provide approximately 32,509 square feet for students. "The additional space will providedmore lab, classroom and studentg spaces," Malham says. Further expansion planws at CBU include a new residence hall designed specificallty for incoming freshmen and a new campus life center to serve the entirdestudent population, Malham says.
Those improvementw and expansions should brinfg even more students and facultyto CBU's a fact that Dale Bails, dean of CBU'a school of business, says developers should take into account when redeveloping the Fairgrounds.