Liberty Park: Private developers plan new hotel and apartments
Update: This story has been updated to reflect the Downtown Memphis Commission's Center City Revenue Finance Corporation's vote on Tuesday.
Capstone Development and M&M Enterprises received a 15-year payment-in-lieu-of-taxes for the first phase of private development at Liberty Park, which includes 200 apartment units and a new hotel.
The $75.4 million mixed-use development, located at Central Avenue and Early Maxwell Boulevard, would feature a 200-key, full-service hotel and 12,000 square feet of commercial space for amenity and retail space.
The developers went before the Downtown Memphis Commission's Center City Revenue Finance Corporation on Tuesday for the PILOT request, with the CCRFC voting in favor of the PILOT.
Capstone and M&M estimate the project could generate up to $9.3 million in PILOT payments to the city of Memphis and Shelby County, according to the application. DMC staff estimates the developers will save an estimated 75% in taxes.
Now that the PILOT is approved, that would conclude development agreement negotiations with the city, which currently owns the land, according to the staff report.
Construction of the multifamily and mixed-use commercial part of the project could begin in late 2024 and be completed in the last quarter of 2026. Hotel construction is scheduled to begin in 2024 and be complete in early 2026.
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Omer Yusuf covers the Ford project in Haywood County, FedEx, tourism and banking for The Commercial Appeal. He can be reached via email Omer.Yusuf@commercialappeal.com or followed on Twitter @OmerAYusuf.
This article originally appeared on Memphis Commercial Appeal: Liberty Park: Hotel and apartments planned at Memphis development
