VOL. 133 | NO. 28 | Wednesday, February 7, 2018
New Apartments Planned for Overton Square
By Patrick Lantrip
PMT Investments LLC, a newly formed business partnership between Aaron Petree, Cliff McLemore and Ed Thomas III, is seeking an 11-year tax abatement to construct a 16-unit apartment building on the periphery of Overton Square.
Dubbed The Flats at Overton Square, the 11,000-square-foot building is slated to fill in a vacant lot on Diana Street near its intersection with Monroe Avenue, and carries a $1.9 million price tag.
The development will include four “live/work” units on the bottom floor and 12 traditional housing units upstairs ranging from 500 to 915 square feet.
PMT Investments LLC is seeking am 11-year tax abatement to construct a 16-unit apartment building on the periphery of Overton Square.
(PMT Investments LLC)
The development team consists of architect Arch Inc., engineers McCaskill & Associates, Fowler Engineering and Innovative Engineering Services, and general contractor CBI Construction Co.
Though PMT is an independent venture consisting of Loeb Properties’ Petree, CBI Construction’s McLemore, and Colliers International’s Thomas, the group is partnering with Loeb to use the Overton Square brand.
Currently, the property generates $1,824 in annual property taxes. The DMC staff estimates that taxes would increase by 481 percent to $10,601 annually during the life of the 11-year PILOT for a total of $96,548, if approved.
$1.4 million in funding from Community Bank has also been secured pending the DMC’s approval.
“Based on the submitted application and the accompanying pro forma, staff agrees with the applicant that a PILOT is needed for the project to be viable and attract financing,” the DMC staff report read in part.
Per the terms of the PILOT, PMT would have to spend approximately $339,505 in hard and soft construction costs with certified women and/or minority-owned businesses.
If approved, PMT plans on starting construction during the second quarter of 2018, and wrapping up in the first quarter of 2019.
The project is expected to be 33 percent pre-leased with full occupancy obtained within two months of completion.