By the 1990s, Central Station, once a bustling train terminal and commercial space in downtown Memphis, had fallen into disrepair. Most of the office space was vacant, and most of the storefronts were boarded up. With the demise of the station, many residents and businesses abandoned the surrounding South Main neighborhood. Recognizing that the station could serve as a catalyst for downtown revitalization, the Memphis Area Transit Authority (MATA) developed plans for a transit center that would "support community revitalization, retain the integrity of an historic district, and provide transportation links to private land development projects."

Partnering with local planning, development, and historic preservation groups, MATA developed a financing strategy for the renovation of the station. Because MATA did not pay federal taxes and, therefore, could not use the historic renovation tax credit itself, it established a limited partnership to purchase and develop the station, as well as other historic properties nearby. This new entity raised $3 million for renovation costs through the sale of the 20 percent historic preservation tax credit to a California investor. In December 1999, the train station reopened.

The goal of this project was to support community revitalization, retain the integrity of an historic district, and provide transportation links to private land development projects.

The new development included 63 rental apartments, 12,000 square feet of commercial space, and new trolley, train, and bus facilities. In addition, the project has served as a catalyst for nearby commercial and residential redevelopment.