Tax break sought

Developer seeks a payment-in-lieu-of-taxes incentive for Central Yards.

The developer of a proposed $76 million development in Cooper-young is seeking a $23 million tax incentive before moving forward with the project.

Developer Clayton Kemker is seeking approval from a Downtown Memphis Commission board for a payment-in-lieu-of-taxes (PILOT) incentive for the Central Yards development planned for the southwest corner of Central Avenue and Cooper Street.

If approved, Kemker would receive a 20-year tax break on the project worth $23 million.

Project plans call for 51,865 square feet of retail, office and commercial space, 348 apartments and 615 parking spaces on 5.65 acres.

The current city and county taxes on the land total $131,006 annually, according to a staff report.

During the life of the tax incentive, annual taxes generated would be $516,523, about $10.3 million over the course of the PILOT.

Kemker anticipates starting construction in June with final buildout completed in October 2022, according to the PILOT application.

The Memphis City Council approved plans for the planned development Tuesday.

The City Center Revenue Finance Corporation will consider the request at a meeting on Jan. 12.

Corinne Kennedy covers economic development, soccer and COVID-19’S impact on hospitals for The Commercial Appeal. She can be reached via email at Corinne.kennedy@commercialappeal.com or at 901-297-3245.

COURTESY OF FLEMING ARCHITECTS Memphis developers are planning a mixed-use development in Cooper-young that could have more than 350 apartments and two parking garages.