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1544 Madison Partners
Project Number: 20171002
Project Type: Residential
Parcel ID: 01703100012
County Commission District: 01 | City Council District: 05
Project Type: Residential
Parcel ID: 01703100012
County Commission District: 01 | City Council District: 05
Summary
1544 Madison Partners was awarded a 15-year Residential PILOT to construct 217 apartment units at the corner of Madison Avenue and North Avalon. The project is being developed by a partnership comprised of Orgel Family, L.P.; Three Madison Investments, LLC; Berlin Boyd, Adam Slovis, Benjamin Orgel, Jay Lindy, and Michael McLaughlin.The Residential PILOT will support the redevelopment of a vacant lot that was occupied formerly by BellSouth. The development will be situated on four-acres and consist of four buildings - one four-story building, one three-story building, along with two five-story buildings. The residential project will be comprised of 217 Class A residential units, 5,000 square feet of commercial space, and 256 secured, off-street parking spaces.
All apartments will feature a modern open kitchen and living concept, nine-foot smooth ceilings, wood floors, stainless steel appliances and granite countertops with European-style cabinetry. Most units will feature an exterior covered balcony. Resident amenities will include a media lounge, 24-hour fitness center, a business center, and bike storage.
Financial assistance is needed to deliver new class-A multi-family living space to Midtown and increase population density in historic parts of Memphis. The developer has committed to reserving 32% of the project, or 70 units, for low to moderate income residents. The design was reviewed by third party architect, ArchInc, to ensure the developers’ plans are of high quality for architecture, construction, building systems, and tenant finishes relative to the area. The project is supported by the Memphis Medical District Collaborative consistent with the Residential PILOT policies.
In 2017, this property produced $29,463 in property taxes. Staff projects this will increase to $166,720 a year and $2,500,800 of local total tax revenues to be received during the PILOT term. The benefit to the developer is estimated to be $411,769 a year or $6,179,535 across the life of the PILOT.
PILOT Term:
15
Projected New Jobs:
Not applicable
Projected Retained Jobs:
Not applicable
Total Jobs:
Not applicable
Projected Average Payroll of New Jobs:
Not applicable
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct/Indirect Payroll:
Not applicable
Annual Retained Direct/Indirect Payroll:
Not applicable
Total Capital Investment:
$24,775,069
Real Property Investment:
$21,653,510
Personal Property Investment:
Not applicable
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
$3,121,559
Projected Tax Revenue:
$2,500,800
Projected Taxes Abated:
$6,179,535
City:
$2,700,457
(75%)
County:
$3,479,078
(75%)
Benefit/Cost Ratio:
.40
Projected MWBE/LOSB Spending:
$6,496,433
Incentive Provided:
$6,179,535
Compliance Information
Not applicable
Approved
10/18/2017
Ramp up Period
2
Closing
Not applicable
Effective
Not applicable
Lease Begins
Not applicable
Lease Expires
Not applicable
Amended
Not applicable
Property Details
Lease Began
Not applicable
Lease Expires
Not applicable