Premier mixed-use community to offer 446 residences and walkable town center – all within commuting distance of Downtown Memphis and Ford’s BlueOval City
MILLINGTON, Tenn., Oct. 27, 2022 – Astoria Development, LLC today held a groundbreaking ceremony to formally mark the start of construction on its $150-million mixed-use development, Astoria Square. Co-hosted by the Millington Area Chamber of Commerce and open to the public, the event drew the support of citizens, civic leaders, and service organizations, including the Mayors of Shelby County and Millington, the Millington Board of Alderman, the Millington Industrial Development Board, the Millington School Board, the City of Millington Police and Fire departments, and the Millington Family YMCA. In all, more than 150 people attended the celebration.
“This is the biggest thing to happen in Millington since the Navy came here in 1941” said Terry Roland, Executive Director, Millington Area Chamber of Commerce, during his remarks.
In a recent television interview, Roland referred to Astoria Square as a “Harbor Town on Steroids.”
The vision for Astoria Square is to promote connection, convenience, and well-being by offering upscale residential options within walking distance of a vibrant town center and nature.
Astoria Square is located near the corner of Navy Road between East Navy Circle and National Street.
It is situated on approximately 80 acres of prime real estate adjacent to the Big Creek Nature Area. The community is envisioned to include 446 residences, including single-family attached townhomes, apartment homes, and luxury lofts. Astoria Square’s thriving town center will offer shops and services, as well as exciting dining and entertainment options not currently available in Millington.
“Millington is a city on the move, and we’re not slowing down because we are a regional hub,” said Roland following the event. “Our citizens and business leaders have been clamoring for new housing, retail, dining, and entertainment options for some time. We are thrilled that Astoria Development has chosen Millington for this project and are excited to be working in partnership to deliver something truly unique to the area.”
“Millington is undergoing a massive revitalization supported by record investments, both public and private. As Ford’s BlueOval City gets up and running, and the region’s population swells, we want to help address a very real concern, housing. In addition, we want to make available right here in Millington those sought-after retail amenities, dining experiences, and entertainment options often found only in larger cities,” added Jeff King, a Principal with Astoria Development. “The bottom line is this: We’ve been entrusted by the city and its citizens to build something spectacular – and that’s exactly what we intend to do.”
Astoria Square’s convenient location makes it a suitable place to live for those commuting to Downtown Memphis, just 18 miles away, or Ford’s BlueOval City, reachable within 30 minutes. The residences at Astoria Square will feature open, spacious living areas with well-appointed kitchens and bathrooms, abundant natural light, and ample storage. Some units will feature outdoor patios and attached garages. Each home’s interior will feature a neutral color palette; granite or quartzite countertops; and high-quality fixtures and stainless-steel appliances.
Pricing at Astoria Square will start in the low $300,000s. The community will have its own Homeowner’s Association (with annual fees still to be determined), which will ensure the upkeep of the community and its open spaces and that the CC&Rs are being abided by. The first phase of townhomes is expected to be completed in 2024. The lead architect/engineer on the project is Memphis-based A2H.
Astoria Square’s town center will offer 61,000 square feet of commercial space. The space is envisioned to be anchored by a craft brewery and restaurant, as well as to offer between 25 and 35 additional businesses, such as a boutique hair and nail salon, gourmet eateries/cafes, apparel stores, and services providers. “We expect 1,500-3,000 unique visitors to Astoria Square’s retail area each day,” said Shawn Massey, Partner, of The Shopping Center Group. “We hope to create somewhere around $20,000,000 in retail sales annually from all the uses.”
Astoria Square is being largely funded by a $10.5-million TIF (Tax Increment Financing), which was granted to Astoria Development following a vote by the City of Millington on August 9, 2021. Just yesterday, Shelby County approved TIF Incrementation for the development. While the project’s economic impact will not be realized for years, it is expected to bring in significant revenue for the city and county, as well as the Millington Public School System, by increasing the tax base.
For more information about Astoria Square’s residential options and to join the interest list, please visit www.astoriasquarelife.com or contact Roxanne King of Meridian National Realty at 901.300.0741. Retailers and service providers interested in leasing commercial space may contact Shawn Massey of The Shopping Center Group at 901.334.5702.