Extension of first phase of Dixie Greyhound project awarded tax incentives
Uptown Studios & Storage is part of November 6’s Dixie Greyhound redevelopment project. (The Daily Memphian file)
Economic development officials on Wednesday, Feb. 15, approved an extension for its Community Property Assessed Clean Energy and Resiliency funding for the Uptown Studios and Storage project.
The Memphis and Shelby County Economic Development Growth Engine (EDGE) approved the C-PACER extension for November 6 Investment’s Uptown project.
The project’s financing has increased from $2,185,000 to $2,273,5000.
Texas-based Petros PACE is providing the financing. Additionally, the project’s closing deadline is now April 28.
In October, EDGE approved the C-PACER loan for Uptown Studios, the first C-PACER loan in Shelby County.
Uptown Studios & Storage is part of November 6’s Dixie Greyhound redevelopment project. The developer plans to build a new four-story, 80,000-square-foot building at 475 N. Main St.
The building will include 20 art studios and 450 self-storage units. The C-PACER loan will be used for lighting, plumbing and HVAC improvements.
Uptown Studios & Storage funding breakdown
- $2,273,500 in C-PACER funding
- $5,560,000 in senior construction lending from Evolve Bank & Trust
- $1,330,000 in sponsor equity
Uptown Studios & Storage is the first stage of the developer’s plans to convert the former Dixie Greyhound Bus Lines building and the former Schlitz Brewery for mixed use.
The $40.7 million development will repurpose the historic property at 525 N. Main St. into 68 residential units and a 2,500-square-foot commercial building.
The existing site is being used for self-storage and artist studios, which will be relocated to the Uptown Studios building.
In September, the Center City Revenue Finance Corp., an affiliate board of the Downtown Memphis Commission, approved a 10-year PILOT for the project.
In December, the Design Review Board rejected site plans for the Uptown Studios portion of the project.
During the December meeting, Gabe Velasquez of November 6 Investments said the first step in the development is to relocate the existing studios and storage units at 525 N. Main St. to the Uptown Studios development.
With this relocation being prioritized, Uptown Studios and Storage needs to be the first building constructed before the project can begin to take shape.
November 6 bought the property at 475 N. Main St. in 2021 for $600,000. The company also bought Downtown Ministorage LLC, which operates out of the existing 525 N. Main St. site.
Topics
C-PACER Uptown Studios and Storage November 6 investments Memphis and Shelby County Economic Development Growth EngingeNeil Strebig
Neil Strebig is a chef turned journalist covering economic development and commercial real estate for The Daily Memphian. He grew up in Pennsylvania and has worked at media outlets including the York Daily Record/USA Today Network and most recently as Report for America Corps Member with Lookout Santa Cruz. He is a graduate of Point Park University in Pittsburgh.
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