City councilman Harold Collins told a packed house at Middle Baptist Church in Whitehaven on Monday night that investors plan to spend $250 million-$500 million on an overhaul of Graceland and its surrounding area.
While Collins promised nearby residents that plans do not call for "roller coasters and Ferris wheels up and down Elvis Presley Boulevard," he said there will be extensive renovations in the Craft Road area.
Collins said Elvis Presley Enterprises Inc. understands that its plans must be reviewed by town-hall meetings.
With fellow council members Janis Fullilove, Edmund Ford Jr. and Myron Lowery also on hand, Collins shared what little is known about plans by EPE and its parent company, CKX Inc., for Graceland expansion.
EPE has bought $13 million worth of adjacent land already, including the soon-to-be-demolished Craft Manor apartments, and the plan calls for all Graceland-related operations to be moved to the east side of Elvis Presley Boulevard, with shops and restaurants on the west side.
EPE, Collins said, has proposed installing a tree line to divide residential and commercial properties.