» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 113 | NO. 152 | Tuesday, August 10, 1999

Print | Front Page | Email this story | Comments ()
Redevelopment project Redevelopment project taps South Main building By KATHLEEN BURT The Daily News A plan to redevelop a "long neglected" block of South Main Street is one of several projects on the agenda of todays Center City Revenue Finance Corp. meeting. Long Development LLC is requesting a payment-in-lieu-of-taxes to completely renovate a four-story, brick, historic building at 107-111 S. Main St. and redevelop it into 14 luxury apartments on the upper three floors with office/commercial space on the ground floor. The estimated cost of the project, including land acquisition, construction and soft costs, tops $2 million. Because the project is located in the Gayoso-Peabody Historic District, has residential and retail components and is located in the original core of the Central Business Improvement District, the project qualifies for an 18-year PILOT tax freeze. "Ordinarily, a project that size wouldnt score that high but because of where it is and being historic preservation I suspect that boosted it up," said John Lawrence, Center City Commission director of business development. This project backs up to redevelopment on Front Street as well. The architectural firm Hnedak-Bobo is expanding its offices on South Front Street. Among the points slated for renovation are roof repairs and replacement; brick tuckpointing and masonry repair; new stairs and exterior balconies; and interior finish out. The project will be reviewed at the September Design Review Board meeting. A development loan is not being sought for the project at this time. "This project will be the first of its kind in a long neglected block of the Main Street Mall," according to the application summary provided to CCRFC board members. Other projects on the agenda include the expansion of the law offices of Burch, Porter and Johnson at 124-126 N. Court Ave. The $3.2 million project qualifies for a 16-year PILOT tax freeze. Two unrelated applications for Shugard Storage Center aim to renovate two one-story structures on South Front Street into self-storage facilities to serve the growing residential component in that area. One of the proposed projects, at 390 S. Front St., qualifies for a 10-year PILOT and is up for a $50,000 development loan from the Center City Development Corp. The Design Review Board approved the plans in May. The other project, at 415 S. Front St., qualifies for a nine-year tax freeze and is seeking approval of a $50,000 development loan as well. The plans were reviewed by the DRB earlier this month and approved. This $1 million project would be an adaptive reuse of a building that formerly housed D. Canale, Lawrence said. "These are one-story buildings. Theyre warehouse buildings anyway, but they still have some amount of historic character, they still are in areas that need to be renovated. "This particular project, theres no question, it provides a service to Downtown residents. With most of the Downtown projects, storage has been something that has been lacking the Downtown area. So, like everywhere else, there's a market for it. And it gets a couple of unused buildings rehabilitated," Lawrence said. "Its pretty suitable for this type of use."

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 331 19,904
MORTGAGES 80 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 35 231 13,335
BUSINESS LICENSES 28 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 21 94 4,936

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.