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Heights CDC

ID: ED20211020
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

The Heights Community Development Corporation (Heights CDC) was awarded a $25,000 Inner City Economic Development (ICED) Loan to help renovate 3386 Bowen Street, creating a business development center for neighborhood entrepreneurs. Total project costs are $47,300.

The Heights CDC has worked to improve housing, public spaces and the economy of the Highland Heights neighborhood since 2016. The organization purchases and renovates vacant, blighted homes and commercial space. They produce special events and design public spaces for neighbors to engage with each other. Most recently, the Heights activated 9,000 square feet of commercial space on National Street.

The Cochran Building was originally a grocery store with apartments above. This vacant and deteriorating two story building is one of the most visible properties in the area. The Heights CDC, working with the current property owner, plans to restore it and make it available to neighborhood serving businesses. Space for four new businesses will be created. Cxfee Black, a business that has outgrown another Highland Heights storefront, is to be the first tenant.

The loan will help the Heights CDC renovate the 2,650 square foot building constructed in 1925 stabilize the structure, repair exterior walls, replace windows and doors, upgrade the awning, and repair the roof.

Loan Term:

3 years

Interest Rate:

Not applicable

Projected New Jobs:

12

Projected Retained Jobs:

3

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$47,300
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
Not applicable

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

10/20/2021

Closing

Not applicable

Heights CDC

3386 Bowen Ave, Memphis, TN 38122