The $12 million revitalization of the historic Farish Street entertainment district has hit another in a seemingly endless series of snags.
Cato Walker, vice president of Memphis-based Performa Entertainment Real Estate, which has been working to redevelop the district since 2001, said the company recently learned that three of the four tenants in the first phase of the development would not be able to sell alcohol because they would be within 100 feet of Mississippi College. Walker also confirmed Performa has been unable secure a $3 million loan from any local bank to pay for continued site preparation work on Farish Street.
Even so, Walker said he is optimistic the problems will be solved and that the new businesses will be up and running by the end of the year. Performa has attributed previous delays to snags in securing funding, bureaucratic red tape in the development process and unforeseen environmental work
“This is just another obstacle to overcome,” Walker said.