For three years, the storefront at 1 Dr. Martin Luther King Jr. Avenue sat dark. Fancy's Fish House closed its doors in 2023, the same year Tom Lee Park reopened just steps away after a redesign that turned thirty acres of riverfront into one of the most photographed public spaces in Memphis. Since that reopening, the park has drawn nearly two million visitors. The restaurant closest to all of them stayed empty the entire time.
A new restaurant planned for this fall is another notable change on this stretch of riverfront. The Memphis Art Museum's December opening will bring a different addition to the area, while Walt & Ricky's planned opening would add a nearby dining option for a Tuesday evening walk.
Dining Near Tom Lee Park
Tom Lee Park's $61 million overhaul gave Downtown residents a lot to do without spending money. There's yoga on the river every Tuesday evening through the Downtown Memphis Commission, a Monday pilates class under the Sunset Canopy, and Hustle & Flow HIIT sessions with Coach Cy on alternate Saturday mornings. On summer Thursdays, Memphis River Parks hosts Sunsets at Beale Street Landing, a golden-hour gathering with live music and food for purchase. The recreation side of the ledger filled in fast.
The dining side didn't. A destination park with hammock groves, a 23,000-square-foot playground, and pickleball courts under a 15,000-square-foot canopy had, for three years, no full-service restaurant within easy walking distance that kept regular daytime hours. Visitors and residents who wanted a proper sit-down meal near the water had to leave the immediate area to find one.
Dining is another part of the riverfront experience. A nearby full-service restaurant would give park visitors another option after a yoga class or before a sunset social.
Downtown Dining Openings and Additions
Downtown's restaurant scene has been busy in 2026, but most of what's opened so far solves a different problem than the one next to Tom Lee Park. South Main has picked up KUYA, a Filipino snack bar, and Ritual Bistro, a coffee-and-cocktail spot that moved into the former Bluff City Coffee space. Playa Bowls brought acai to the neighborhood. Tonica opened a second downtown location for tapas and paella. These are welcome additions, and they're exactly the kind of quick-bite, coffee-and-a-pastry concepts that fill in a growing residential corridor.
None of them are a sit-down seafood dinner on Riverside Drive.
That's what Walt & Ricky's Seafood Kitchen is built to be. The restaurant signed a ten-year lease on the old Fancy's space inside The Landing Residences at One Beale, and its filing with the Downtown Memphis Commission says the applicant expects the site to become one of the few full-service restaurants along Riverside Drive with regular daytime hours, positioned to serve park visitors, residents, and Downtown workers in an area the filing describes as having a gap in dining options. Restaurateur Mowbray Rowand has described the goal plainly: high-quality daytime dining near a park that already draws families, tourists, and residents throughout the day. The buildout is targeting a fall opening, with a raw oyster bar, whole branzino, lobster rolls, and outdoor seating meant to work for a business lunch as easily as a date night.
The Park Itself Grew a Second Half
While the restaurant space sat empty, Memphis River Parks Partnership kept building. In June 2026, the organization opened the Memphis Flyway, a 220-foot elevated boardwalk designed by Studio Gang with SCAPE at the park's southern end. It's ADA accessible, weaves through tree canopy and over wetlands, and was funded through a mix of the U.S. Economic Development Administration, the Tennessee Department of Transportation, the Tennessee Heritage Conservation Trust Fund, and private donors, at a cost of $10.4 million. It sits along a major migratory bird route, which makes it as much a nature amenity as a scenic overlook.
The Flyway matters here for a simple reason: it's proof that the park's build-out never stopped, even during the three years the restaurant space next to it sat vacant. The recreation infrastructure kept expanding on its own schedule. The commercial layer is only now catching up.
Across the Bridge, a Different Kind of Gap Closed
Harbor Town had its own version of this problem, and it closed a little earlier. J Woods Sports Bar soft-opened by early July 2026 at 103 Harbor Town Square, in the space that used to house Harbor Town Pharmacy. Owner Jason Greenwood, a longtime Harbor Town resident, has been direct about the reasoning: he wanted a place where people could watch a game, get food and drinks, and have that experience without leaving the island. The 43-seat bar joins Tug's at the River Inn and longtime neighborhood favorite Paulette's as the walkable food and drink options clustered around Harbor Town Square.
It's a smaller fix than what's happening on Riverside Drive, but the pattern is the same. Mud Island residents didn't lack for scenery. They lacked a dedicated spot to watch a game without crossing the bridge.
What Arrives in December
None of this makes the Memphis Art Museum irrelevant. It opens on December 6, 2026, a 123,500-square-foot campus designed by Herzog & de Meuron on the bluff overlooking the river, and admission will be free for Shelby County residents permanently. New, wider sidewalks are being built to connect Downtown directly to the riverfront, tying into a shared plaza with the historic Cossitt Library. That's a real anchor, and it will bring a different kind of daily foot traffic than the park alone ever did.
By the time the museum opens, the block around it may have had roughly three months of dinner service at a nearby restaurant. That sequencing matters more than it might seem. The museum and restaurant will offer different reasons to spend time on the riverfront. Together, they are planned additions to Downtown's mix of cultural and dining options.
What This Means for Your Next Few Months Down Here
If you live Downtown or on Mud Island, the practical shift is close. Walt & Ricky's is aiming for a September opening, which puts a full-service dinner option back on Riverside Drive for the first time since 2023. J Woods is already open for game days in Harbor Town. The Flyway gives the park a quieter, more ecological corner to walk to that wasn't there a year ago. And come December, the museum adds a free, year-round destination that Shelby County residents can treat as a regular stop rather than a special occasion.
None of these pieces happened because someone planned a coordinated rollout. They happened because three separate operators, a nonprofit park partnership, and a museum board were all working on their own timelines that happened to converge in the same twelve months. The corridor is seeing new activity from several directions at once, with Walt & Ricky's aiming to open in September.
If you're watching how a specific block or building near the river is likely to hold its value or its rental appeal as this fills in, that's exactly the kind of on-the-ground read a neighborhood-focused agent tracks closely. Ware Jones works Downtown and the surrounding riverfront neighborhoods regularly, and we're glad to talk through what any of this means for your specific address. Connect with a Memphis neighborhood expert whenever you're ready.
