The Most Expensive Real Estate in Memphis?
Posted in USA by: Marie
In the East Memphis neighborhood of High Point Terrace, a dented plastic water bottle and faded Dr. Pepper can rest between a set of rotting rail ties and contorted, overgrown brushwood. At first glance, the rail tracks stretching behind High Point residential backyards appears to be part of property that has been long forgotten. But this is not just another abandoned lot. It’s a piece of an out-of-service railway owned by CSX Transportation, a company that has placed a $17 million price tag on the 13-mile discontinued rail corridor stretching from Midtown Memphis to Cordova. And it’s all part of a brewing dispute involving a number of local entities, including a private equity firm representing a consortium of civic organizations; city, county, and state government; and one of the largest railroad companies in the Eastern United States.
Park and trail advocates envision a greenway in place of the blighted and ignored corridor: a much-needed green space for Memphis, complete with a jogging trail that would connect Midtown to the massive Shelby Farms park. But their price is much different than the one that CSX -is asking. Is $17 million an accurate value for the land? CSX maintains that it is. The price is “based on the value to us,” says Meg Sacks, spokesman for the Jacksonville, Florida-based publicly traded corporation.
Read more: mbqmemphis.com