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Poplar Plaza Residential

Project Number: 20200804
Pilot Type: Residential
Status: Approved
Parcel ID: 044052 00001C, 044052 00002
County Commission District: 13 | City Council District: 5, 9

Summary

Finard Properties, LLC and Panther Residential Management (collectively “Applicant”) are seeking a 15-year Residential PILOT to construct approximately 240 apartment units at the intersection of Poplar Avenue and Highland to be marketed as Poplar Plaza. Finard Properties and Panther Residential will partner to create a new legal ownership entity. HBG Design, Bass Berry & Sims, and Pinnacle Planning Advisors have been consulting on the project.

The Residential PILOT will support redevelopment of a retail shopping center property originally built in 1952 for anchor stores such as Lowenstein’s, J.C. Penney’s, McCrory’s, Woolworth’s and Walgreen’s. The existing building on the southeast corner of the site is largely vacant and growing functionally obsolete as retailing evolves. This building will be razed to create the site for new construction.

The project will consist of five-stories of apartments above a podium for retail tenants. The mix of uses is projected to be an estimated 62 studio apartments, 91 one-bedroom units, 87 two-bedroom units, 34,359 square feet of retail, a 144-vehicle parking deck and 260 additional off-street parking spaces. Resident amenities will include a rooftop pool, terraces, courtyards and a fitness center. Apartments units will include designer cabinetry, stone countertops, pendant lighting, large closets and fiber internet.

Financial assistance is needed to deliver new class-A multi-family living space to the University of Memphis area, increasing population density in maturing parts of Memphis. The Applicant has committed to making available 20% of the units, or approximately 48 units, for low to Moderate income residents pursuant to the EDGE policies.

Parcel 044052 00001C (3486 Poplar Avenue) is 8.712 acres and contains a 192,383 square foot retail property to be partially demolished. Parcel 044052 00002 (3585 Plaza Avenue) is 0.687 acres and contains a 23,364 square foot retail property to be demolished. A new residential mixed-use site will be re-platted with a new parcel number when the new ownership structure is completed. Only real property investments on this site will be included in the PILOT.

Today, this property produces $113,335 per year in property taxes. Staff projects, based on the application presented, this will increase to $376,489 per year during the term of the PILOT agreement and to $1,357,850 annually post-PILOT. Total benefit to the Applicant is expected to be $14,720,415.

PILOT Term:

15 Years

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:

$47,645,000
Real Property Investment:
Not applicable

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$12,735,957

Projected Taxes Abated:

$14,720,415
City: $6,492,735 (75%)
County: $8,227,680 (75%)

Benefit/Cost Ratio:

.87

Projected MWBE/LOSB Spending:

$11,775,933

Incentive Provided:

$14,720,415

Compliance Information

Not applicable

Approved

8/19/2020

Ramp up Period

2 Years

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

Poplar Plaza Residential

3486 Poplar Avenue, Memphis, TN 38111