Farish Street remains an eyesore almost 10 years after Memphis-based Performa Real Estate decided to turn it into an entertainment district.
There have been asbestos issues, the possibility of incompatible utility connections and other countless, mind-numbing little problems. All of those are niggling details compared to the money problems: Banks don't like to invest in what qualifies, by many accounts, as a slum. Yes, Birdland Restaurant and Lounge is a hoot for a hangout joint, and the greasy eggs at Peaches are exactly the kind of glistening goodness you got from Grandma on Saturday mornings. But even the dumbest lending agent on the planet probably knows what a dilapidated house looks like, and most people can spot a neighborhood with liability issues regarding home or business burglary. Banks may be required to offer a percentage of loans to blighted areas, but few institutions are going to dump $5 million in an area with such obvious property crime concerns.
This is not just about Performa CEO John Elkington's shoddy credit score. Elkington and his credit managed to make Memphis' Beale Street a dazzling place, and his judgment about Farish Street's entertainment potential is probably right on the money.
But Beale Street had the city government of Memphis standing behind it. Memphis had a mayor and city council that was devoted to removing dilapidated "insurance liabilities" around the project as Performa hammered away. It also had the wherewithal to dedicate heavy law enforcement to the area. Beale Street, essentially, had the support of its people. Since the Melton administration came on in Jackson, all it's done regarding Farish Street is drool over the prospect of handing the project off to one or more of its developer friends, and rag on Performa instead of assisting them.
Replacing the current developer is an option, though you can probably kiss B.B. King's and Funny Bone goodbye if you ditch them. But even if you replace Performa, will a bank lend the new guys any serious cash for Farish Street when they weren't ready to offer it to Performa? Keep in mind Performa is packing $5 million worth of trust from the Mississippi state government, which is ready to pay off any loans Performa defaults on.
The city seems to be taking very little personal responsibility since the bricklaying and new streetlights, essentially leaving Performa and Downtown Jackson Partners to do everything. Lenders notice little things like this.
The revitalization of downtown relies upon a thriving entertainment district. It's time for the city to rally behind the sheer potential of Farish Street, make some serious investments in the district and do everything it can to push the project forward.
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