Memphis Business Academy Kicks Off Expansion Project to Increase Access to STEM Education; HOPE a Financing Partner on Project

MEMPHIS, TN – Memphis Business Academy announced Tuesday, Aug. 27, the beginning of major renovations at Harmony Plaza, a project to convert retail space into an updated STEM facility that will increase educational opportunities in the North Memphis/Frayser community. The $15 million project, located at 2200 Frayser Boulevard, will house a new facility for Memphis STEM Academy (MSA) and will feature new classrooms, state-of-the-art labs, a multipurpose room, a library and offices. The expansion will support MSA’s mission to promote academic excellence and the future success of students through a focus on science, technology, engineering and mathematics. 

”Our dream (a long time ago) was to positively impact Frayser/North Memphis.  We are doing that!  Renovating this plaza removes another eyesore and offers an asset that any community would be proud of – a new high tech school for elementary children, a healthcare partnership that will be a blessing for Frayser families and retail values that are competitive with any Memphis community,” said the Rev. Anthony Anderson, CEO of Memphis Business Academy. “We are proud of these initiatives.  We are grateful to all of our partners.”

The MSA facility will occupy 60 percent of the shopping center, while the remainder will be used for existing retail space. MSA currently serves 230 students in grades K-3 and is currently housed in a small, rented facility. MSA plans to add a grade per year to expand to a K-5 school, and the project will accommodate the anticipated student growth.

The renovation is a New Markets Tax Credits deal financed by Hope Enterprise Corporation/Hope Credit Union (HOPE), SunTrust Community Capital, LLC, BlueHub Capital and Nonprofit Finance Fund.

“All students deserve a quality education,” said HOPE CEO Bill Bynum. “By bringing STEM training to one of Memphis’ largest neighborhoods, the Harmony Plaza project positions the entire city for a brighter future.”

“As a purpose-driven company, we admire Memphis Business Academy’s dedication to promoting academic excellence and access to STEM curriculum opportunities for all students in the Memphis community,” said Johnny Moore, SunTrust Memphis market president. “We are proud to partner with Memphis Business Academy on this expansion and we look forward to supporting their continued growth.”

“BlueHub is thrilled to support Memphis Business Academy in the transformative renovation of Harmony Plaza, which will allow their STEM Academy to continue to provide high-quality, innovative education in a new space, serving more students. As a result of MBA’s vision, the renovated plaza will be a wonderful resource for the community by continuing to support existing businesses with enhanced space and dedicating newly renovated space for a local community health center,” said Michelle Volpe, President of BlueHub Capital’s Loan Fund.

Kathy Olsen, Vice President of Lending at NFF, said: “By bringing high-quality STEM education to more students, and housing businesses that contribute to the local economy, this project will serve its community well now and far into the future. We are proud to join with our partners to finance this important project.”

MBA is the sponsor of six schools in the city. Each of the schools are authorized by the Shelby County Schools Board of Education.