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Makowsky Ringel Greenberg, LLC
Project Number: 20170702
Pilot Type: Residential
Status: Approved
Parcel ID: 01704700001C 01704700003 01704700004
County Commission District: 07 | City Council District: 05
Pilot Type: Residential
Status: Approved
Parcel ID: 01704700001C 01704700003 01704700004
County Commission District: 07 | City Council District: 05
Summary
EDGE Board of Directors approved its first Residential Payment in lieu of Tax (PILOT) project for a 108-unit multifamily development located at the intersection of Madison and McLean in Midtown Memphis. The intent of the Residential PILOT Program is to spark investment in market-rate multi-family residential rental projects in the City of Memphis and unincorporated Shelby County.EDGE awarded Makowsky Ringel Greenberg, LLC a fourteen-year Residential PILOT to enable the company to construct a $14 million, multifamily development on a 1.4-acre parcel. The 132,477 SF building will be a four-story wood frame constructed structure built above a podium that will house 127 on-premise parking spaces. The design was reviewed by third party architect, ArchInc, to ensure the developers’ plans are of high quality for architecture, construction, building systems, and tenant finishes relative to the area. The Midtown CDC endorses the project.
Founded in 1967, Makowsky Ringel Greenberg, LLC has developed and renovated thousands of apartment units across Memphis, TN and northern Mississippi.
PILOT Term:
14
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:
$14,075,497
Real Property Investment:
$12,258,940
Personal Property Investment:
Not applicable
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
$1,816,557
Projected Tax Revenue:
$1,160,174
Projected Taxes Abated:
$3,480,521
City:
$1,520,988
(75%)
County:
$1,959,533
(75%)
Benefit/Cost Ratio:
Not applicable
Projected MWBE/LOSB Spending:
$3,062,735
Incentive Provided:
$3,480,522
Compliance Information
Not applicable

Approved
7/19/2017
Ramp up Period
2
Closing
10/1/2020 (Real)
Effective
10/1/2020
Lease Begins
10/1/2020 (Real)
Lease Expires
9/30/2034 (Real)
Amended
Not applicable
Property Details
Lease Began
10/1/2020 (Real)
Lease Expires
9/30/2034 (Real)
Makowsky Ringel Greenberg, LLC
1827 Madison Ave, Memphis, TN 38104- Project Files
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Closing
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Real Property Leases
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2020_
10_ 01_ Leasehold_ Deed_ of_ Trust_ Assignment_ of_ Lease_ and_ Rents_ Security_ Agreement_ Madison_ at_ McLean. pdf -
2020_
10_ 01_ Subordination_ and_ Security_ Agreement_ Madison_ at_ McLean_ Partners_ LLC. pdf -
2020_
10_ 01_ Special_ Warranty_ Deed_ Madison_ at_ McLean_ Partners_ LLC. pdf -
2020_
10_ 01_ Real_ Property_ Lease_ Agreement_ Madison_ at_ McLean_ Partners_ LLC. pdf
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2020_
- Compliance Files