No changes planned for The Citizen
The partnership that built The Citizen in the heart of Midtown is selling it to a Carlisle Corp. entity, but no changes in operations are planned, a Downtown agency was told.
There are 36 article(s) tagged Center City Revenue Finance Corp.:
The partnership that built The Citizen in the heart of Midtown is selling it to a Carlisle Corp. entity, but no changes in operations are planned, a Downtown agency was told.
Despite a few questions, the Center City Revenue Finance Corp. board voted unanimously to fund a $62 million plan to improve parking, walking and cycling Downtown. The City Council and County Commission still must approve the project.
The Center City Revenue Finance Corp. transferred a tax-break incentive for the building at 999 S. Cooper to Jeffrey Little, who plans to rename the mixed-use property The Flats at Cooper-Young.
The Center City Revenue Finance Corp. approved 30 years of property tax savings that will fund $134.6 million of the $741 million development’s costs, and a 5% tourism surcharge that is estimated to provide $20.8 million for the project.
Developers cite the economic effects of the pandemic in seeking different and new tax incentives. The first phase of the development is estimated to cost $741 million.
The $30 million project would renovate and convert a 120-year-old warehouse at Front and Vance, create 165 apartment units, 10,000 square feet of commercial space, and 100 parking spaces.
The mixed-use development comprises 29 apartment units and nearly 4,000 square feet of retail space.
The Downtown Memphis Commission staff particularly liked that the three ground-floor retail bays are virtually ready now for tenants.
A Downtown board on Tuesday, Dec. 10, approved tax breaks for mixed-use projects involving existing buildings: American Snuff Factory, One Beale's boutique hotel and Madison Professional Building.
Developers of a new mixed-use project in Cooper-Young say they will meet with residents who are concerned the apartment project is not good for the neighborhood.
Two development groups are looking for a break on property taxes to help balance the cost of their Midtown apartment projects.
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