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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
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 approved for 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:
$56,485,000
Real Property Investment:
$47,645,000
Personal Property Investment:
Not applicable
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
$8,840,000
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:
Not applicable
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