VOL. 112 | NO. 167 | Wednesday, September 16, 1998
Two projects are one step closer to reality after a meeting Tuesday
Downtown hotel, apartments clear Center City board
By KATHLEEN BURT
The Daily News
Two projects that would add apartments and hotel rooms to Downtown are one step closer to reality after being granted tax freezes on Tuesday.
The Memphis Center City Revenue Finance Corp. approved payments in lieu of taxes for two unrelated projects during its regular monthly meeting at the Crump Building.
A PILOT was granted to the New Fourth Residential Limited Partnership, which plans to develop a multi-family residential community near the proposed AutoZone Park.
The board granted Echelon Residential Inc. a 25-year PILOT to assist in development of the 375-unit community.
The board also granted a 16-year PILOT to Limited Boutique Hotels LLC in connection with the renovation of two structures and new construction of a boutique hotel, which will include about 70 rooms and a special events hall.
Echelon, a Dallas-based apartment community developer, is undertaking a feasibility study for a luxury apartment complex to be built on a 4.7-acre site next to the new AAA baseball park and Downtown school.
Preliminary plans for the project, which will be located on the east side of the ballpark between Union Avenue and Madison Avenue, call for three- or four-story buildings arranged in clusters.
Echelon Residential is a wholly owned subsidiary of Echelon International Corp., a St. Petersburg, Fla.-based real estate company that develops, owns and manages multi-family residential and commercial real estate.
The Memphis project is part of Echelon Residentials strategy to expand its multi-family holdings.
Brent Little, vice president of development for Echelon Residential, said the company chose to develop in Downtown Memphis because its market research determined there was a need in the area for this type of apartment community.
The second project considered by the board is slated for construction directly behind the Hunt Phelan Home at 533 Beale St.
Once completed, the hotel will be known as the Hunt Phelan Home Inn.
The new boutique hotel will provide about 20 permanent jobs for the Memphis economy.
In addition to the tax freeze, Limited Boutique Hotels received an $86,000 development loan to assist with the project.
Both the Echelon project and the Hunt Phelan project will go before the Center City Commissions Design Review Board on Oct. 1 for consideration.
The RFC will hold its next meeting at 8:30 a.m. Oct. 20.