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VOL. 133 | NO. 126 | Monday, June 25, 2018

Midtown Getting Denser, North Main Getting New Coffee Shop

By Patrick Lantrip

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2542 Broad Ave.
Memphis, TN 38112

PILOT Length: 15 years

Project Cost: $51 million

Application Date: June 20

Owner: 3D Realty

Details: 3D Realty was given a 15-year Residential PILOT (payment-in-lieu-of-taxes) for a $51 million, 414-unit mixed-use multifamily project on Broad Avenue.

A 222,000-square-foot former Sears warehouse currently stands at 2542 Broad Ave., but due to the building’s poor condition, everything but the iconic Broad Avenue water tower will be replaced with multiple four-story buildings consisting of 124 studio apartments, 207 one-bedroom units and 83 two-bedroom units.

3D Realty has committed 83 units, or 20 percent, to low- to moderate-income residents.

In addition to the multifamily component, the project will include 10,000 square feet of ground-floor commercial space and nearly 400 parking spaces.

Currently the property generates $33,204 in local taxes per year, and EDGE staff estimates that during the PILOT, that number would increase to $307,052 per year.

0 E. Parkway
Memphis, TN 38112

PILOT Length: 15 years

Project Cost: $22.2 million

Application Date: June 20

Owner: Makowsky Ringel Greenberg

Details: Makowsky Ringel Greenberg was awarded a 15-year Residential PILOT to bring 176 apartment units to the intersection of East Parkway and Sam Cooper Boulevard.

Known as Thrive at the Park, the $22.2 million project will consist of two three-story buildings and 10 two-story townhouses that will include 113 one-bedroom units, 63 two-bedroom units and 233 off-street parking spaces.

Thirty-six units, or 21 percent, will be reserved for low- to moderate-income residents.

Currently, the property generates $12,222 a year in property taxes. EDGE estimates this figure will increase to $152,461 per year during the length of the PILOT.

In total the project is expected to cost $22.2 million.

1979 S. Third St.
Memphis, TN 38109

PILOT Length: 15 years

Project Cost: $6.8 million

Application Date: June 20

Owner: Union Realty Co. GP

Tenant: Cash Saver

Details: A group of developers looking to breathe new life in to the Southgate Center was awarded a 15-year Community Builder PILOT to help redevelop and stabilize the 208,297-square-foot shopping center that has dipped to a 39 percent vacancy rate after the site was abandoned by Kroger earlier this year.

The development team, which operates under the name Union Realty Co. GP, is a partnership among Belz Investment Co., Oak Associates, URCO Inc. and Belz Investco GP.

Union Realty plans on investing $6.8 million into the property, including upgrades to the exterior, tenant finishes and new grocery store equipment, which will create 47 full-time grocery store positions and 60 part-time retail positions equivalent to 92 full-time jobs with an average annual wage of $24,960.

Belz tapped local grocer and Castle Retail Group owner Rick James to anchor the redevelopment with a 31,000-square-foot grocery store while they attract tenants to the remaining vacant bays, which range from 900 to 22,000 square feet.

358 N. Main St.
Memphis, TN 38103

Grant Amount: $58,832

Project Cost: $130,000

Application Date: June 20

Completion: October 2018

Owner: Hayes and Amy McPherson, Reggie Crawford

Tenant: Comeback Coffee

Details: Hayes and Amy McPherson have been awarded an exterior improvement grant by the Center City Development Corp. to help renovate the ground floor of their North Main Street residence into a coffee shop called Comeback Coffee.

The McPhersons, along with building owner and contractor Reggie Crawford, were given up to $58,832 to use for exterior enhancements for their project at 358 N. Main St.

Construction, which also will include a kitchen addition on the north side of the building projecting into the adjacent closed alley, will begin following all required approvals. Completion is tentatively scheduled for October.

In total, the project is slated to cost just under $130,000. Per the terms of the grant, the applicants must spend no less than 20 percent of the eligible costs, or $23,532, with minority- and/or women-owned businesses.

1870 Kirby Pkwy.
Germantown, TN 38138

Completion: Oct. 31, 2018

Owner: Bank of Bartlett

Details: Bank of Bartlett has announced it will consolidate its two neighboring Germantown operations in a singular “enhanced” location at the corner of Poplar Avenue and Kirby Parkway.

Effective Oct. 31, the Village Square shopping center branch will merge into the existing Poplar and Kirby branch less than two miles to the west.

As the latter branch is located in Germantown’s Smart Growth sector, which allows building heights up to eight stories, Bank of Bartlett indicated the potential for vertical expansion and the proximity the TraVure building, which is home to MAA’s national headquarters, as two reasons behind the decision.

In addition to combining their two Germantown branches, Bank of Bartlett also has added a new business banking officer, and a mortgage hub with an additional originator and processor on staff.

Over the last year, Bank of Bartlett has been investing in the Poplar/Kirby branch to prepare for the consolidation by adding more staff to minimize wait times for customers, improvements to the space, upgrades to the teller row, and new lighting and exterior enhancements.

Currently, Bank of Bartlett’s footprint includes eight area branches and 85 ATMs in Memphis-area Walgreens. The bank indicated it is looking to further expand into the Arlington and Midtown areas.

PROPERTY SALES 93 424 6,970
MORTGAGES 42 281 4,410
BUILDING PERMITS 196 704 16,619
BANKRUPTCIES 38 174 3,570