Mayor A C Wharton and Councilman Harold Collins are scheduled to attend the event on Thursday afternoon.
Collins helped secure $43 million for the project, which is expected to make major infrastructure and cosmetic improvements to a three-mile stretch of the street.
The heavily traveled street runs in front of Graceland, the former home of rock 'n' roll icon Elvis Presley.
It also runs through the Whitehaven community, where empty storefronts, drab landscaping and unsightly electrical poles have led to a decline in the appearance in sections of the neighborhood.
Officials say improvements to roadways, utilities and lighting will lure new businesses. Another goal is to make the street look better for tourists.