You have almost exactly described Collierville, a suburb of Memphis that has been carefully planned to be 70% residential, and retains its delightful old town square. http://www.collierville.com
is the town's site if you want to check it out.
However...it really depends on what you're looking for in the way of culture, socioeconomics, and politics. Collierville is a bedroom community in a lot of ways, predominantly Republican, conservative, and over 90% white. Outside the lovely town square, it has one theatre and the usual strip mall type shopping. Diversity, not so much.
I lived in Collierville with my children until they finished school; when I moved us to Midtown, we felt like we'd found home. Had I had the option to have them in one of the optional schools or a private school, I'd have moved to the Midtown area long ago. Memphis high schools aren't so great, but there are many fine elementary schools in the Midtown and East Memphis area. For the best of community living, Midtown is your ticket. Check out Cooperyoung.org (NOT .com), which is a community association built around the intersections of Cooper and Young, a progressive, eclectic, diverse, and thriving community. You'll find adorable 20's and 30's bungalows, neighborhood streets where even the dogs know each other, tons of small businesses, and just up the street, a thriving theatre community. It's also 10-15 minutes from downtown, which is enjoying its own commercial, musical, and culinary revival. Both downtown and Midtown enjoy a wide variety of dining options, including vegetarian and vegan, and a focus on locally grown meats and produce at many places.
C'mon down. We'll grab some barbecue at the Bar-B-Que Shop or some sushi at Sekisui Midtown, then go enjoy an open-air concert at the Leavitt Shell in Overton Park. Don't forget the lawn chairs and the mosquito spray!
(yeah...I love it here...)