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Broad Ave Tower Mixed Used Development

Project Number: 20180601
Project Type: Residential
Parcel ID: 033020 00015
County Commission District: 07 | City Council District: 05, 09

Summary

3D Realty, LLC was awarded a 15-year Residential PILOT to construct approximately 414 apartment units at the intersection of Broad Avenue and Bingham Street. 3D Realty is comprised of James Maclin of M&M Enterprises as lead developer and Bob Loeb of Loeb Properties.

The Residential PILOT will support redevelopment of property originally built in 1945 as a Sears warehouse. The existing buildings are 75% vacant, in very poor condition and will be razed to create the site for new construction (the water tower will remain). The project will consist of multiple four-story buildings containing 124 studio apartments, 207 one-bedroom units and 83 two-bedroom units. Additionally, the project will create 10,000 square feet of ground floor commercial space and 394 off-street parking spaces.

All apartments will feature black or stainless-steel appliances, quartz or granite countertops and 9-foot ceilings. Resident amenities will include a swimming pool, fitness center, pet parks, and multiple outdoor lounge areas.

Financial assistance is needed to deliver new class-A multi-family living space to Binghampton, increase population density in historic parts of Memphis and make this $51,100,000 investment financially feasible. 3D Realty has committed to pricing 20% of the project, or 83 units, to meet federal standards for Low to Moderate income residents. The project is supported by the Binghampton Development Corporation consistent with the Residential PILOT policies.

PILOT Term:

15

Projected New Jobs:

8

Projected Retained Jobs:

Not applicable

Total Jobs:

8

Projected Average Payroll of New Jobs:

$36,625

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:

$51,100,000
Real Property Investment:
$41,900,000

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$9,200,000

Projected Tax Revenue:

$7,041,586

Projected Taxes Abated:

$12,622,335
City: $5,515,960 (75%)
County: $7,106,375 (75%)

Benefit/Cost Ratio:

0.56

Projected MWBE/LOSB Spending:

$12,125,000

Incentive Provided:

$12,622,335

Compliance Information

Not applicable

Approved

6/20/2018

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

Broad Ave Tower Mixed Used Development

2542 Broad Ave, Memphis, TN 38112