The historic Universal Life Insurance Building at 480 Dr. Martin Luther King Jr. Ave. in Downtown Memphis is on its way to a new beginning that will help the city’s small-business community.
The city of Memphis,
Self-Tucker Properties LLC,
Memphis Office of Resources & Enterprise (MORE) and the
Memphis Area Minority Contractors Association (MAMCA) will host a groundbreaking ceremony to mark the beginning of renovations for the building on Tuesday, Sept. 29. The 10 a.m. ceremony is the kickoff of a project that is expected to take about a year, with completion in August.
"This project is aligned with several of my administration’s strategic priorities: safe and vibrant neighborhoods, economic opportunity of all and excellence in government," said Memphis Mayor A C Wharton Jr.
The one-stop-shop of resources for the city’s small businesses is a funded partnership between the city and Self Tucker Properties. The Universal Life building will house the planning and design firm Self + Tucker Architects, MORE, Black Business Association, MAMCA, Contractor Assistance Program, Small Business Administration and Tennessee Small Business Development Center.
Wharton said the one-stop-shop concept is an outgrowth of the effort to create more economic opportunities for small and minority businesses. That includes making it easier and less costly for them to do business by reducing the barriers to entry, making technical assistance more accessible and opening avenues to capital.
The Universal Life building project is a part of the larger redevelopment efforts in the neighborhood surrounding FedExForum, including the Heritage Trail project. The building has historic significance as a business incubator for middle-income jobs for African-American Memphians during segregation.
“Universal Life, Beale Street, Robert R. Church Park, Clayborn Temple and other nearby sites were beacons of hope and centers of prosperity that were prominent in the lives of black Memphians when racism blocked them from mainstream opportunities,” Wharton said.
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