Madison@McLean means more

2 apartment buildings to add 284 Midtown units

Another 284 rental apartments will soon be added in the Midtown area with two new residential development projects.

Construction has already begun on the corner of Madison Avenue and McLean Boulevard in Midtown to make way for a five-story apartment building.

The new building, dubbed Madison@McLean, will bring 108 one- and two-bedroom units to Midtown.

Each unit will have 9-foot ceilings, granite counters and stainless steel appliances. The building will also have about 1,100 square feet of retail space, a parking garage, a fitness center, bike storage and a pet wash room to attract residents looking for an active lifestyle, according to developers Makowsky Ringel Greenberg.

The building will replace a car repair shop and detailing business and Neil’s Bar & Grill, which burned in 2011.

The Economic Development Growth Engine for Memphis and Shelby County granted a $3 million residential payment in lieu of taxes (PILOT) tax incentive for the $14 million development in 2017.

The incentive will save the development company 75 percent of its property tax obligation over the span of 14 years.

The building is expected to open by the end of 2019.

Another apartment community — 176 units in several buildings at the corner of Sam Cooper Boulevard and East Parkway North near Overton Park — will begin construction in the first half of 2019.

This project received a separate $6.3 million 15-year residential PILOT incentive in June.

According to the application submitted for PILOT consideration, the complex will include two three-story buildings and 10 two-story townhouses with one- and two-bedroom units. The development company hopes to attract residents who want to live in the Midtown area but want more modern, open floor plans that older buildings can’t offer.

The project is expected to cost about $22 million.

“Our involvement in Midtown goes back nearly 35 years,” Gary Makowsky, chief development officer for MRG, said in an email statement. “We’ve owned both of these properties for several years and have long hoped that we’d be able to build nearly 300 new apartment homes in this vibrant, high-demand area. We’re excited both projects are moving forward.”

Desiree Stennett can be reached at desiree.stennett@commercialappeal.com, 901-529-2738 or on Twitter: @desi_stennett.

COURTESY OF MRG A rendering of Madison@McLean, a new 108-unit apartment building that will open in Midtown in 2019. The building will have one- and two-bedroom units, covered parking and retail space.