Remember John Elkington's Germantown Town Center?

Memphis developer John Elkington currently has three projects in the works, but as recently as two years ago, he was heavily involved in the Germantown Town Center. Elkington was the mastermind behind the project, while Atlanta investment company Carter Developments was bankrolling the proposed super center.

We've mentioned before that the project stalled, but due to recent developments with the property, the owners announced that Carter had completely backed out. The huge and valuable tract was to have been sold for taxes on July 30th, but apparently the owners came up with the funds to prevent losing the family land. 

Why did Carter Developments decide to abandon the project? We're sure someone out there knows, but we don't. 

That brings us to Inspiration Landing; John Elkington has never specified who the investors are in this long awaited development. Are there any? Remember, so far Elkington has invested little to no money in Inspiration Landing. He is about to have the property deeded to him.

Here's one scenario: Elkington's attorneys claim the City of Sheffield has not upheld its end of the bargain. Elkington owns the property outright at this point, so he decides to develop the land into an uber upscale waterfront community. Remember, his engineering consultant on IL is a home builder.

What would homes located on the river bluff be worth? Let's just say that the bloggers at Shoalanda Speaks wouldn't be able to purchase one. Would you?

So will this be a victory for Sheffield or a sad debacle? We're calling the popcorn concession...