VOL. 125 | NO. 71 | Tuesday, April 13, 2010
CCRFC Approves Two Tax Freezes for Downtown Projects
By Andy Meek
Gene Carlisle appears set to move his company’s corporate office from 100 Peabody Place to a new 16,000-square-foot Class A office space his company is developing out of what was the old One Beale sales center.
The Center City Revenue Finance Corp. Tuesday morning awarded a six-year tax freeze for the project, with an extra year contingent on the presence of certain design elements – a 7-year tax freeze, in all.
That incentive saves the company more than 200,000 on its $2.7 million redevelopment of the former One Beale sales center at 263 Wagner Place. Design upgrades included in documentation submitted to the Center City Commission include lighting along Wagner Street and the upgrade of a plaza garden at the end of Linden Crossing.
Carlisle’s company, which currently employs 35 people at its present office, needs to roughly double its space – and fast. The company’s current lease expires in July.
Carlisle bought the property in 2004, which at the time included the former Joe’s Crab Shack and two other parcels.
Also Tuesday, the CCRFC approved a 10-year tax freeze for Greenbrier Partners LLC, which is developing a $2.5 million apartment project at 436 S. Front St. Construction is due to start in August and finish by June 2011.
The development would have 20 one-bedroom apartments and 5 two-bedroom units and would include 1,500-square-feet of retail space. A basement level would have 25 secured, underground parking spaces.