$70M multifamily phase moves long-awaited Memphis project forward
By Stephen MacLeod – Reporter, Memphis Business Journal
October 22, 2025
Carlisle Development Co. is moving forward with the townhome component of its $137 million Midtown project, The Cooper.
The mixed-use development — formerly known as Central Yards — received a PILOT (payment-in-lieu-of-taxes) incentive from the Center City Revenue Finance Corp. earlier this year.
Plans for The Cooper include 250 Class A multifamily units, 27 townhomes, a 125-key hotel, and a 325-space parking garage. The project will be built on the former Albert Cook Plumbing Co. site in the Cooper-Young neighborhood, between Central Avenue and York Avenue, just west of Cooper Street.
Carlisle recently filed for a certificate of appropriateness to construct five townhomes at the corner of Tanglewood Street and York Avenue. The townhomes, which will be three stories, are located within a historic district.
According to previous filings, the townhome portion is expected to break ground in the third quarter of 2025 and be completed in 2027. The units will be offered as rental housing.
The project was designed Carlisle Development Co. is set to begin construction on 275 multifamily units in the Cooper-Young neighborhood.
A $70 million building permit was recently filed with the Memphis and Shelby County Division of Planning and Development, covering the multifamily portion of the mixed-use project known as The Cooper.
The development will rise on the former Albert Cook Plumbing Co. site, located between Central Avenue and York Avenue, just west of Cooper Street.
The permit includes 248 apartment units and 27 townhomes. With the filing, the project remains on track for a third-quarter groundbreaking, with completion expected in 2027. Carlisle received a certificate of appropriateness for the project in August.
The project was designed by Memphis-based architecture firm LRK and is being built by Grinder, Taber & Grinder.
A long-awaited development
Plans for a mixed-use development at the site have been in place for years. The property was previously slated to become Central Yards, but that project collapsed after its financier was convicted in a major financial fraud case, leading the development into bankruptcy.
In 2024, a joint venture between Carlisle Development and Atlanta-based Aspire Partners acquired the site and reworked the plans.
The updated concept includes a hotel component while reducing some of the originally planned multifamily and retail space. Project costs have also risen significantly — from about $76.8 million under the previous plan to approximately $137 million today — reflecting broader increases in construction costs.
Site layout and next steps
The multifamily portion will feature entrances along York Avenue, with development occurring on both sides of the street. Plans also call for a hotel at the corner of Cooper Street and York Avenue.
With permitting now in place, the project is moving closer to construction and represents one of the largest upcoming developments in the Cooper-Young area.by Memphis-based architecture firm LRK and is being built by Grinder, Taber & Grinder.
Design documents included in the application show a focus on blending with the surrounding neighborhood. Building heights will step down from six stories at the northeast corner — near higher-density commercial areas — to two and three stories closer to adjacent residential areas.
The exterior design emphasizes materials common to the area, including brick, fiber cement siding, and a mix of asphalt and metal roofing.
The architectural approach draws on the character of nearby historic structures while incorporating contemporary elements, aiming to create a cohesive transition between new development and the existing neighborhood.
Because the project received a PILOT incentive, it will also require approval from the Downtown Memphis Commission’s Design Review Board.