New Medical District apartments get tax incentive
“It’s gone through a few iterations and we’re excited that someone’s picking up the ball and really pushing it to completion,” said the founder of Cnct. Design.
Topic: Center City Revenue Finance Corp.
RSSThere are 46 article(s) tagged Center City Revenue Finance Corp.:
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July 2025
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February 2024
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100 N. Main 30-year tax incentive approved
The Center City Revenue Finance Corp. on Tuesday, Feb. 13, approved the 30-year payment-in-lieu-of-taxes (PILOT) and recommended the Memphis City Council approve the TDZ surcharge.
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September 2023
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Dermon Building could become a Holiday Inn Express
The development project would add 150 new hotel rooms Downtown and provide on-site parking at a nearby facility.
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June 2023
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Citing economic woes, Rise on the Ravine developers seek PILOT extension
“In the time since the PILOT was approved, macro-economic conditions in the real estate industry have not only not improved but have instead deteriorated further,” one of the developers wrote in a letter attached to the extension request.
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Midtown landmark could switch from office to apartments
Built in 1965, the building includes 400 parking spaces in a four-story garage and 156,342 square feet of leasable office space in the 10 floors above.
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May 2023
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Falls Building owners seek tax incentives to repurpose historic landmark
New York-based Left Lane Development LLC will ask the Downtown Memphis Commission’s Center City Revenue Finance Corp. for a 12-year PILOT for the redevelopment project.
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January 2023
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Proposed PILOT policy changes push affordable housing
The Center City Revenue Finance Corp. will vote on changes to its payment-in-lieu-of-taxes incentive program at its Feb. 5 meeting.
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December 2022
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The Walk pushes back closing date — again
This is the third time that closing dates for the near $1 billion development, slated for Union Avenue near Danny Thomas, have needed to be restructured.
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November 2022
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Inked: Trading a Family Dollar for apartment lofts, Memphis home sales sink
This week’s Inked covers the October 2022 real estate report, new PILOT for 47 S. Main St. and updates on Vic on Union and 280 Vance Ave.
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Dream Hotel approved for revised PILOT, as project changes to mixed-use
The new $99.3 million plan will include a 181-room hotel, four restaurants and bars, and 10 high-end apartments. There are five Dream Hotels located in the U.S., including one in Nashville.
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Vic on Union gets 12-year PILOT for its $46.6 million apartments, pool, lazy river
On Tuesday, Oct. 11, the Center City Revenue Finance Corp. approved a 12-year PILOT for the $46.6 million Vic on Union development in the Medical District and provided updates on the Dream Hotel project.
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Dream Hotel has new, almost $100M price tag, seeks TDZ incentive
Tom Intrator’s 18 Main is seeking a 20-year PILOT and tourism surcharge for an updated Dream Hotel project.
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October 2022
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Tourism surcharge, PILOT approved for $226M Downtown Sheraton renovation
The Downtown Memphis Sheraton Hotel will be getting a significant makeover soon.
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Developer seeks tax incentives for $46M Medical District apartment complex
Texas-based Hunington Properties wants a 12-year PILOT for its 286-unit Vic on Union development at the former Office Depot site at 785 Union Ave.
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September 2022
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DMC board approves Grand Hyatt, One Beale financing
On Tuesday, Center City Revenue Finance Corp. board members approved financing for the Grand Hyatt hotel and final phase of One Beale development.
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Downtown board approves PILOTs for Greyhound Complex, Crump Blvd. development
Discussion of $226 million Sheraton renovation project was delayed to Oct. 11.
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$226M renovation, 300-room expansion proposed for Downtown Sheraton
The existing restaurants and bars will be converted into an upscale Memphis-themed sports bar. Additionally, an event deck will be built on the second floor, according to the application.
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Downtown board proposes One Beale resolution for $95M in bonds
The Center City Revenue Finance Corp. will weigh in on a One Beale financing resolution during its Sept. 13 meeting.
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August 2022
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Historic Dermon Building renovation includes apartments, outdoor pool, dog park
Developers Nick and Sam Patel plan to renovate the historic 10-story Dermon Building Downtown into 103 apartment units.
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June 2022
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20-year PILOT approved for $79.6M Rise on the Ravine project
Center City Revenue Finance Corp. board members approved the payment-in-lieu-of-taxes for the mixed-use development in the Edge District.
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May 2022
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Tourism bonds approved for Grand Hyatt, One Beale
While the total value of the bonds is still undetermined, Chance Carlisle of Carlisle Corp. expects the value to be around $75 million.
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April 2022
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Downtown project gets PILOT extension as developers work on funding
Located Downtown at 251 Union Ave. across from AutoZone Park, The Walk was originally awarded a 30-year, $741 million PILOT in August 2020.
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November 2021
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The Peabody to become special tourism tax zone
The creation of the Peabody Hotel Surcharge will finance capital investments to the property totaling more than $125 million over the next 30 years for long-term preservation.
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October 2021
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Downtown board approves consultant to review tax incentive policy
St. Louis, Missouri-based PGAV Planners will determine if the PILOT program is delivering the desired results of growing the tax base and helping projects happen that couldn’t otherwise.
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Downtown board reexamines PILOT program, considers new applicant
At its Oct. 12 meeting, the Center City Revenue Finance Corp. is set to approve a plan for reviewing its PILOT program, and it will hear a new PILOT request for a Medical District development.
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