Summary:

• WSG Memphis, a unit of WSG Development of Miami bought 80 parcels in a prime location of Midtown, Memphis.
• The developer took out a $14 million construction loan for the $180 million project three years ago.
• Many parcels were razed with the goal of bring in much needed retail to the area, including a big-box retailer such as Target.
• The lender, bankrupt Lehman Brothers, have scheduled a foreclosure auction for April 19, 2010.
• The city is eager to work with a new developer and create tax incentives.

Prediction:

• Out of this misery, a smart investor will get a sweet deal from both the lender and the city.  And Midtown will benefit with an overdue retail center.  But time is of the essence to ensure that the area does not turn into Skid Row.