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

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 113 | NO. 157 | Tuesday, August 17, 1999

Print | Front Page | Email this story | Comments ()
CCDC to consider CCDC to consider four Downtown projects By KATHLEEN BURT The Daily News Two new projects and two lapsed applications to be considered at Wednesdays Center City Development Corp. meeting have one common thread they all involve a single Memphis developer. Developers of buildings at 390 and 415 S. Front St. are seeking $50,000 development loans from the CCDC to redevelop the pair of one-story structures into self-storage facilities. Shurgard Storage Centers Inc. is proposing to spend about $2 million to renovate the buildings to serve as storage space for Downtown residents and offices. Plans are to convert the 27,000-square-foot buildings into climate-controlled space that can serve as storage for documents or records, as well as residential items. Both projects received nine-year payment-in-lieu-of-taxes abatements last week from the Center City Revenue Finance Corp. And, though the building at 390 S. Front St. is listed as a contributing structure on the National Register of Historic Places, neither project qualified for a development loan, based on the evaluation sheet prepared by Center City Commission staff. Because of its inclusion on the Register, the building at 390 S. Front rated three points higher with 41 points than did the building at 415 S. Front. A project must earn at least 50 points in order to be eligible for a loan. Developers have said they plan to apply for the inclusion on the Register of 415 S. Front as a contributing structure. Shurgard Storage Centers Inc. is a real estate investment trust headquartered in Seattle that specializes in all aspects of the self-storage industry. The company operates a network of more than 340 storage centers located throughout the United States and Europe. Memphis developer Gary Garland served as a representative for the Freeman Management Corp. on the projects. "This is an opportunity to bring a New York Stock Exchange company into the south end of Downtown. We need a shot in the arm down there," Garland told CCRFC board members. Local offices for Shurgard could locate in the Hotline Building at 421 S. Main St., Garland told the board. The Hotline Building and the Puck Building, at 409 S. Main St. are being considered for development loans Wednesday as well. Development loans of $50,000 were approved for both projects at the December CCDC meeting. When neither project was completed nor made substantial progress within six months, the loan lapsed. Both projects received 15-year PILOT abatements in December as well. Since the projects were first approved, the criteria to consider development loans have changed. Under the old criteria, each project received $50,000 in development loans. Under the new criteria, both projects graded out at $50,500. In addition to housing Shurgard offices, the three-story Hotline Building would be renovated into office/commercial uses on the first floor and 14 residential apartments on the upper floors. The Puck Building is a three-story building that will be renovated into office/commercial uses on the first floor and apartments on the upper two floors. The total renovation cost for the South Main buildings is about $4.5 million. The meeting begins at 8:30 a.m. at 114 N. Main St.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
FORECLOSURE NOTICES 8 52 151
BUILDING PERMITS 0 541 2,593
BANKRUPTCIES 37 157 618
BUSINESS LICENSES 12 77 276
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0