MEMPHIS, TN (abc24.com) - Overton Square is getting an extreme makeover. Developer Bob Loeb is working to make major improvements.
"It's going to be vibrant, neighborhood friendly, family friendly," Loeb told abc24.com.
June West with Memphis Heritage told abc24.com she's excited about the redevelopment Loeb Properties has planned for Overton Square.
"They see the spirit of Memphis, the fabric of Memphis and are not scared to work with it and make it work," said West.
"We spent a lot of dollars, we are now committed to make the private investment regardless of what the city does," said Loeb.
Loeb hopes the city of Memphis chips in $12 million dollars. The money would pay for a parking garage with a catch basin beneath which would prevent flooding in Midtown. Memphis city councilman, Jim Strickland thinks it's worth it.
"The return on the investment will pay this off in four years because of the increased tax dollars," Strickland told abc24.com.
The City has already come up with 6 of the 12 million dollars needed for the project. According to Loeb, Memphis can expect to receive $3,000,000 in tax revenue each year. The project is expected to be complete in 2013.