Rick Wood

Rick Wood is executive vice president of Financial Federal Bank.

Building density, building community

By Published: December 11, 2018 4:10 PM CT

With a shared private and public goal to increase population density as a mechanism to become more efficient and successful as a city, the expansion of Memphis and Shelby County’s Economic Development Growth Engine (EDGE) payment in-lieu-of taxes (PILOT) incentive to include Midtown has been welcomed by multifamily developers in our community.

Density is already growing Downtown, as proven in the Downtown Memphis Commission’s new dashboard, which reports 14,847 rental units to date and more than 2,000 in the pipeline.

Midtown is following suit with new multifamily developments including The Citizen at Union and McLean, Madison@McLean apartments, Monroe Townhomes, The Flats at Overton Square, 200+ units across from Minglewood Hall, and lofts on the Memphis College of Art property.

These PILOT-incentivized projects are only the beginning of an influx of renovation and reimagining of the Midtown residential landscape.

Furthermore, eco-build standards and design practices drawn to engage ground-floor retail and sidewalk pedestrian traffic, Midtown multifamily projects are breaking ground and building up. I also am confident these new property additions will not only be successful on their own, but they will also lead the way for investments in additional restaurants, retail offerings, and services. Office spaces such as archimania and Loaded for Bear’s on Cooper, for example, have additionally joined the mix.

Beyond design and construction, these projects are building community, as they will continue to attract thousands residents to the culture and vibrancy of the neighborhood and greater city at large.

It has been rewarding to play a role both as a direct lender and mortgage banker for several of these PILOT-incentivized multifamily developments, and it has been gratifying to witness the impact as more migrate to Memphis and claim our city, particularly Midtown and Downtown, home.


EDGE PILOT Downtown Memphis Commission

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