Renasant Bank plans new Memphis headquarters building
Renasant Bank plans to build a $15.8 million, Memphis-market headquarters building in East Memphis and hire an extra 15 people.
The Tupelo, Miss.-based bank on Friday revealed plans for a 45,000-square-foot building at 5575 Poplar, between Yates and Oakhaven.
The project apparently will entail the demolition of Loeb Properties’ two Executive Square office buildings, which have been vacated.
Renasant Bank has applied for tax incentives from the Economic Development Growth Engine (EDGE) board, which will consider the request on Wednesday, Sept. 18.
Renasant Bank plans to build a new Memphis-market headquarters at 5575 Poplar. (Courtesy of Renasant Bank)
The bank seeks nine years’ worth of local property tax reductions totaling $1,715,586.
Meanwhile, the development will generate an extra $1,376,997 in tax revenue for Memphis and Shelby County over the nine years.
The bank will initially occupy 30,000 of the 45,000 square feet in the new building, and lease the other 15,000 square feet to other tenants, the application states.
The bank will establish a Memphis region headquarters and a branch bank there.
The 15 new jobs will pay an average $93,333, with the bulk of the salaries going to 10 people who are to make $120,000 each. Five assistants are to make $40,000 each.
The Executive Square office buildings were built in 1973, according to a 2018 Loeb Properties press release. Loeb Properties last year announced the buildings would be vacated for a new development.
The EDGE board meets at 2:30 p.m. Wednesday, Sept. 18, at the Better Business Bureau, 3693 Tyndale.
Topics
EDGE Loeb Properties Poplar Avenue Renasant BankTom Bailey
Tom Bailey retired in January as a business reporter at The Daily Memphian, and after 40 years in journalism. A Tupelo, Mississippi, native, he graduated from Mississippi State University. He has lived in Midtown for 36 years.
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