EDGE Awards First Residential PILOT
EDGE Board of Directors approved its first Residential Payment-In-Lieu-of-Tax (PILOT) project for a 108-unit multi-family development located at the intersection of Madison and McLean in Midtown Memphis. The intent of the Residential PILOT Program is to spark investment in market-rate multi-family residential rental projects in the City of Memphis and unincorporated Shelby County.
EDGE awarded Makowsky Ringel Greenberg, LLC a fourteen-year Residential PILOT to enable the company to construct a $14 million, multifamily development on a 1.4-acre parcel. The development will consist of a 132,477 SF, four-story, wood frame structure built above a podium that will house 127 on-premise parking spaces. The design was reviewed by third party architect, ARCH Inc, to ensure the developers’ plans are of high quality for architecture, construction, building systems, and tenant finishes relative to the area. The Midtown CDC endorses the project.
“With PILOT approval, we are looking to proceed with final designs for the project and anticipate groundbreaking within first quarter of 2018,” said Michael Greenberg of Makowsky Ringel Greenberg, LLC.
Founded in 1967, Makowsky Ringel Greenberg, LLC has developed and renovated thousands of apartment units across Memphis, TN and northern Mississippi.