Project Number: 20200501
Pilot Type: Residential
Status: Approved
Parcel ID: 045017 00007
County Commission District: | City Council District:

Summary

Central Junction, LLC (“Applicant”), was approved for a 15-year Residential PILOT to construct 127 residential units and invest $20,049,255 at 2601 Central Avenue.

Marion Threatt is Managing Member of Central Junction, LLC. He has been a partner in projects ranging from single family lot subdivisions, to retail and industrial buildings, to cellphone towers. In Memphis, Mr. Threat most recently led the development of 25 apartments at 999 South Cooper.

Central Junction, LLC is lead developer, Scott Bojko is Project Consultant, Memphis-based LRK Architects and Civil Engineering Solutions are providing design work, and Carpenter Construction is the general contractor.

The Residential PILOT will support development of a site that is currently vacant.
The project will consist of one 127,464 square foot apartment building containing an estimated 106 one-bedroom units, 21 two-bedroom units, and 149 off-street parking spaces, all within walking distance to the Fairground’s, Children’s Museum of Memphis, Liberty Bowl Memorial Stadium and other staples in center city Memphis. All apartments will feature modern open floor plans and top of market quality. Resident amenities will include a convivial indoor/outdoor gathering suite at the top floor, and a relaxed plaza outside at the ground level.

Financial assistance is needed to develop this site, activate a long-vacant property and deliver new housing that will complement the City’s investment in the Memphis Fairgrounds Redevelopment, and ensure profitability of this $20 million investment. The applicant has committed to reserving 20% or 26 units, for low-moderate income residents.

The project is supported by The City of Memphis Division of Housing & Community Development consistent with the Residential PILOT Policies and Procedures.

Parcel 045017 00007 is 2.6 acres. Only real property investments on this site will be included in 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 Payroll:

Not applicable

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$20,049,255
Real Property Investment:
$17,097,250

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
$2,952,005

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$2,972,317

Projected Taxes Abated:

$5,282,730
City: $2,330,055
County: $2,952,675

Benefit/Cost Ratio:

0.56

Projected MWBE/LOSB Spending:

$4,653,819

Incentive Provided:

$5,282,730

Compliance Information

Not applicable

Approved

5/20/2020

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

Central Lofts

2601 Central Avenue, Memphis, TN 38104