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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

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