ServiceMaster wants a $1 million grant from the Downtown Memphis Commission (DMC) to help the company retrofit Peabody Place into its new headquarters.
The Center City Development Corp. (CCDC), which is a DMC affiliate board, will hear the company’s pitch for the grant during a meeting next week.
In an application filed Thursday with the CCDC, the company said it needs the money “due to the high cost of retrofitting the former retail space for office use.” The same application notes all of the benefits the move brings to Memphis, like the 1,000 employees that will reactivate the “large and vacant building.”
“Such funding is essential to the company’s decision that its move to Downtown Memphis would be feasible,” the application says.
Overall, the company says that renovating the building to meet its needs will cost about $14.8 million and the property owner’s expenses to the outside of the building will cost about $12 million.
The DMC staff recommends giving ServiceMaster the grant. But the company must submit all design plans for the building beforehand and those plans must be approved by another DMC board. Also, the project must meet DMC guidelines to hire minority-owned business.
If all those conditions are met, and the company gets an occupancy permit for the building, then the DMC would give them the money.