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Thrive at The Park

Project Number: 20180603
Project Type: Residential
Parcel ID: 033005 00042Z, 033002 00036Z
County Commission District: 07 | City Council District: 05, 09

Summary

Makowsky Ringel Greenberg, LLC on behalf of the yet to be formed Thrive Partners was awarded a 15-year Residential PILOT to construct approximately 176 apartment units at the intersection of East Parkway and Sam Cooper Boulevard.

The Residential PILOT will support redevelopment of property originally acquired for Interstate 40. The property has been vacant for more than forty years, driving a wedge between neighborhoods to the north and south of the site. The project will consist of two three-story buildings and ten smaller two-story townhouses. This will create 113 one-bedroom units, 63 two-bedroom units and 233 off-street parking spaces.

All apartments will feature kitchens and living areas with open floor plans, nine-foot ceilings, solid surface counter tops and stainless steel (or equivalent) luxury appliances. Resident amenities will include indoor and outdoor lounge areas, fitness center, pet washing facilities and bike storage.

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 $22,255,410 investment financially feasible. Thrive at The Park has committed to pricing 21% of the project, or 36 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:

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:

$22,255,410
Real Property Investment:
$19,368,917

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$2,886,493

Projected Tax Revenue:

$3,288,208

Projected Taxes Abated:

$6,310,755
City: $2,757,800 (75%)
County: $3,552,955 (75%)

Benefit/Cost Ratio:

0.52

Projected MWBE/LOSB Spending:

$5,190,781

Incentive Provided:

$6,310,755

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

Thrive at The Park

0 East Parkway, Memphis, TN 38112