FedEx Corp. is planning to spend up to $40 million on a trucking facility near Memphis International Airport, real estate sources say.
During the Memphis and Shelby County Land Use Control Board meeting Thursday, Dallas-based Hillwood Investment Properties was granted a special use permit for 77.76 acres on the south side of Holmes and the east side of Airways Boulevard.
The proposed structure and freight terminal will include a 33,600-square-foot office building, a 58,200-square-foot maintenance facility and an 81-bay center for a trucking operation.
Hillwood attorney Homer Branan, who would not confirm the company's identity, but referred to it as a Fortune 500 firm that "is part of the transportation infrastructure of the city of Memphis and the airport."
"It all has to do with the airport and the concept of aerotropolis," he said. "Everyone has been very delighted to see that this vacant land . is going to be put to very good use by a very responsible company that has a very significant connection to the airport and the transportation infrastructure."
In addition to improving the lots, the company plans to widen Airways from two lanes to five to improve traffic flow, Branan said. Landowners near the corner are under contract to sell property so improvements can be made down the entire roadway.
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