2 Broad-area apartment projects seek tax breaks
Two high-profile apartment projects in the Overton Park and Broad Avenue neighborhoods are seeking $18.9 million in tax breaks for the 589 units they plan to build.
Applications for residential tax incentives will be considered Wednesday by the Economic Development Growth Engine (EDGE) board for a 413-unit development on Broad at Bingham that hasn't been named yet and for a 176-unit development, at Sam Cooper and East Parkway, for which the name has been changed to Thrive @ the Park. (The old name was Overton Gateway.)
Lead developer James Maclin and partner Loeb Properties seek a $12.6 million tax incentive over 15 years for the Broad Avenue project. Multiple fourstory buildings would rise on the north side of Broad across from the centuryold retail buildings that give the district its character.
A 222,671-square-foot warehouse will be demolished to make room for the apartments. The 7.4-acre site will include 394 off-street parking spaces.
The developers will include 10,000 square feet of commercial space on the ground floor.
The EDGE staff calculates that the apartments will generate $7 million in local property taxes over the 15 years.
Twenty percent, or 83, of the units will be rented to low- and moderate-income tenants, the application states.
The Broad Avenue project also will create eight jobs, the document states.
A $6.3 million residential tax break, or payment in lieu of taxes (PILOT), is being sought for Thrive @ the Park. The 176 units will be built at the northeast and southeast corners of East Parkway and Sam Cooper Boulevard.
Developer Makowsky Ringel Greenberg filed the application for a 15-year, $6.3 million tax break on behalf of the yet-formed Thrive Partners, which will be controlled by the commercial real estate firm, according to the application.
The apartments will generate $3.3 million in property taxes over the 15 years, the documents state.
The apartments on the northeast corner of Sam Cooper and East Parkway will be on 2 acres, and the ones at the southeast corner will occupy 4.6 acres.
The development includes 233 offstreet parking spaces.
Thirty-six units will be rented to lowand moderate-income tenants.
The EDGE board will meet at 3 p.m. Wednesday at Memphis Area Association of Realtors, 6393 Poplar.