Falls Building gets 20-year tax freeze
New York-based Left Lane Development, operating as Falls Building Property Owner, bought the 156,000-square-foot building in May 2022 for $10 million with plans to convert it from office to residential. (Neil Strebig/The Daily Memphian file)
Developers of the historic Falls Building received a 20-year tax abatement, clearing the way for a residential redevelopment that could start before year end.
The Downtown Memphis Commission’s Center City Revenue Finance Corp. approved two tax abatements Tuesday, Oct. 13.
First, it approved a 10-year payment-in-lieu-of-taxes benefit for the second phase of Belle Mont.
This is an excerpt of this story. To read more, please click here and subscribe.
Topics
Left Lane Development Gene Schevaldin Center City Revenue Finance Corp. Downtown Memphis Commission Subscriber OnlyThank you for reading The Daily Memphian. Your support is critical.
Did you know we are a 501(c)3 nonprofit news organization? We rely on a mix of revenue from subscriptions (50%), advertising, events and other earned income (25%) and fundraising (25%).
Please consider making a fully tax-deductible donation or other contribution to The Daily Memphian today.
👉🏽 Your subscription pays for you to read all our journalism.
👉🏽 Your donation powers the work we do to reach everyone else with the news.
We believe an informed Memphis is a better Memphis. If you agree, join our growing list of donors now.
Andy Ashby
Andy Ashby covers commercial real estate and economic development. He has worked locally at the Germantown News, the DeSoto County Tribune, the Daily News and the Memphis Business Journal. He graduated from the University of Tennessee, where he photographed the 1998 National Championship game. Email tips or story ideas to aashby@dailymemphian.com
Comments
Want to comment on our stories? If you’re a subscriber, scroll down to the comments. If you’re not a subscriber, only paid subscribers can add their thoughts, so subscribe now. Our commenting policy can be viewed here.