The Economic Development Growth Engine for Memphis and Shelby County (EDGE) board approved a 14-year residential pay-in-lieu-of-taxes (PILOT) incentive for a 108-unit multifamily residence to be built near Madison and McLean.
Fourteen million dollars will be invested into the 132,477 square-foot development, which is planned to occupy the block between McLean and Idlewild to the south of Madison.
The four-story building will be constructed on a podium, slightly raised with a 127-space parking lot below and an additional parking spots along Madison.
Per the terms of the PILOT, a little over $3 million has to be spent contracting City and county certified minority and women business enterprises.
The group behind the project, Makowsky Ringel Greenberg, LLC, also the group proposing to construct the controversial Overton Gateway near Sam Cooper and East Parkway, says the new residence at McLean and Madison will target a diverse population of residents.
Approximately 22 of the 108 units will be available for low or moderate income occupants.
The group expects residents to be able to move in about 9 months after construction begins, which is set to commence late this year or early next.