Two full blocks of Downtown Memphis are slated to become an “innovation district” featuring sovereign cloud computing capabilities in what officials said was the largest project in Downtown’s history.
The Greater Memphis Chamber announced Wednesday that Legacy Power Capital (LPC), a real estate investment firm, plans to develop a “Neural Nexus” innovation district. It is set for land adjacent to the FedExForum and Beale Street, though the Chamber did not immediately clarify exactly where the property is located.
Sovereign cloud computing is, according to cloud software company Nutanix, “A … cloud computing environment that is designed to ensure that all data — including applications, stored data, and data that travels across networks — is stored, processed, and managed within a certain country or region and is in compliance with the data sovereignty laws and regulations of that country.
“With a sovereign cloud, organizations get complete data control, security, and transparency and can prevent foreign access or influence. Sovereign clouds are usually operated by national entities or enterprises in partnership with trusted local cloud providers to ensure legal and operational sovereignty over digital infrastructure and data.”
The development will include office, residential, and retail spaces, and new public green spaces. LPC said they are not relying on local incentives to fund the project, instead seeking local enterprise partners to accelerate development.
The University of Memphis and UT Health Science Center are already exploring how to leverage the sovereign cloud computing power included in the project to attract top researchers and accelerate use cases for local enterprise development.
“Memphis is only one of nine cities in the U.S. to be home to two R-1 research institutions, and we have St. Jude Research Hospital, a world-class research facility,” said Ted Townsend, president and CEO of the Greater Memphis Chamber. “This project attracts top researchers, accelerates use cases for local enterprise to thrive, and more importantly, keeps local talent local.”
Officials said the Neural Nexus is a “transformative investment” in the Chamber’s Digital Delta vision, positioning the city as a Southeastern technology hub.
Through the city’s reinvestment policy, 25 percent of the innovation district’s tax revenue will be allocated back into infrastructure improvements within a five-mile radius, supporting roads, schools, and parks. LPC is actively collaborating with local business leaders.
“Memphis presents a unique opportunity — to find two city blocks available for purchase in the heart of a major U.S. city is unheard of,” said Geoff Simpson principal and co-founder of LPC.
The Chamber said the project “is poised to be the largest in Downtown Memphis history, reshaping the city’s core with modern infrastructure.”