One of the largest mixed-use developments in Shelby County will have a slight change.
On Sept. 16, the Economic Development Growth Engine for Memphis and Shelby County (EDGE) approved changes to the Legacy at Countrywood through a Tax Increment Financing (TIF).
The development is located at 2736 Countrywood Parkway in Cordova. It was previously called Legacy at Colonial.
The Legacy at Countrywood broke ground on its $400 million development in December 2022. The project has been spearheaded by CCCLub Holdings LLC, which purchased the historic Colonial Country Club in 2012. CCClub Holdings managing partner Jim Russell is a former member of the club.
EDGE approved a $23 million TIF for the project in July 2022. During its Sept. 16 meeting, the EDGE board
voted to increase that funding to $60 million. The TIF was created to help with infrastructure improvements at the site, including a septic tank system.
During the meeting, Russell said the initial TIF helped finance infrastructure improvements and 300 apartment units, 70% of which are occupied. He added that due to complications with Memphis Light, Gas and Water in building the updated sewer system, the market "got turned from good to difficult," which has led to the need to increase financing.
The eight-year term of the TIF remains the same, with the only changes coming to the total funding and the inclusion of some single-family residential developments now included within the TIF.
“Memphis has the ingredients for economic development: location, infrastructure, workforce, and partnerships. But growth doesn't start with a groundbreaking. It starts years earlier with the planning and the relationships that make a project possible," EDGE President and CEO Joann Massey said. "It's why Memphis is investable."
The 175-acre development will add over 1,000 residential units along with 40,000 square feet of commercial space. In March 2024, Continental Properties broke ground on a 296-unit apartment complex, Springs at Colonial, at the site.
In July 2025, the country club changed hands. Virginia-based Heritage Golf Group purchased the historic country club, which has hosted 30 Professional Golf Association (PGA) events.
Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com, 901-426-0679
This article originally appeared on Memphis Commercial Appeal: EDGE OKs more funds for $400M Legacy at Countrywood project in Cordova
