VOL. 133 | NO. 178 | Friday, September 7, 2018
New Townhomes Slated for Vacant Midtown Lot
Special to The Daily News
A developer who has redeveloped 650 multifamily units in the Memphis area is planning to build 10 more units on a vacant lot in Midtown.
Amin Zaki, founder of Stella Maris Development, has plans to build 10 townhouse-style apartment units and a community courtyard at 1619 Monroe Ave.
Developer Amin Zaki plans to build 10 townhouse-style apartment units and a community courtyard at 1619 Monroe Ave. The development will consist of two structures, each with five townhouse units, separated by a landscaped courtyard. (Handout rendering)
The development will consist of two structures, each with five townhouse units, separated by a landscaped courtyard.
Each townhouse will be about 1,200 square feet with two bedrooms and 2.5 bathrooms. Units will have sliding-glass doors that overlook the courtyard as well as in-unit laundry, walk-in closet, pantry and two on-site parking spots.
Zaki has completed seven multifamily redevelopment projects in the past 36 months totaling $20.4 million.
His projects include:
- Four units at 33 N. Rembert
- The Midtowner, 20 units at 199 S. McLean
- The Marilyn on Monroe, 21 units at 1639 Monroe
- The Residence at Midtown Memphis, 31 units at 25, 26, 30, 34 S. Morrison
- The Helix at The District, 201 units at 141 Manassas
- The Pulse Apartments, 128 units at 57 N. Somerville.
Stella Maris Development is seeking a nine-year payment in lieu of taxes (PILOT) incentive from the Downtown Memphis Commission-affiliated Center City Revenue Finance Corp. board.
The total cost of the project is estimated to be $2.2 million. Over the nine-year PILOT term, the cumulative increase in city and county taxes would be approximately $90,700 — a more than 280 percent increase in the amount of taxes currently generated by the vacant lot.
The PILOT will be considered at the Sept. 11 CCRFC board meeting. Construction is anticipated to be completed by April of 2019.