A conversation with Desiree Stennett on the Union Row development and Orange Mound property values.
It has been called the largest development project in Memphis history. Union Row would create a new corridor of activity in the city, complete with apartments, stores, and even -- many fingers are crossed -- a long-awaited grocery store. Commercial Appeal reporter Desiree Stennett says the development reflects a national trend of people moving back into once-abandoned urban areas.
Other areas of the city haven't seen the benefits of a strong economy. The Property Appraiser's office recently found that homes in Orange Mound have lost 26 percentof their value in the past decade. Stennett says there is no single reason for the veritable death spiral of property values. A new task force will study the issue. Stennett says many homeowners have been offered low-ball offers from out-of-town investors. They worry about the future of the neighborhood if too many locals no longer own their homes.
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