Construction for the Binghampton Gateway Center broke ground on February 22. The Binghampton Gateway Center project is the first recipient of the EDGE Community Builder Payment-in-Lieu-of-Taxes (PILOT). The EDGE Community Builder PILOT’s intent is to spark investment and job creation in distressed areas of Memphis and unincorporated Shelby County and tailored specifically to aid community development groups looking to tackle larger projects.
“As important and catalytic as grocery stores can be to a neighborhood, they are low-margin operations. Anything that EDGE can do to help the operating costs for these facilities makes it more likely that they will be able to put the projects together,” said Reid Dulberger, President/CEO, EDGE.
For the Binghampton Gateway Center, the Community Builder PILOT has proven to be the economic stimulus that the Binghampton Development Corp. needed to move forward with developing a commercial center at the corner of Tillman Street and Sam Cooper Boulevard.
The program summary for the $6.8 million project will create 55 jobs, house a 16,325 SF Sav-A-Lot grocery store, a 10,000 SF dollar store, and 7,240 SF of additional retail space