Downtown Memphis Commission Set to Review Two New PILOTs
- Nov 07, 2014
Downtown Memphis Commission’s agenda is filling up as they will have to decide on Nov. 11th on two new PILOTs. Filament L.L.C., the real estate arm of architecture firm Archimania, applied for a PILOT for the development of a new, mixed-use project at 705 S. Main Street, while Cendown, a limited partnership with an entity controlled by former CBRE Memphis CEO, Earl Blankenship, applied for a PILOT for the redevelopment of three buildings at 77-91 South Second Street.
Filament is planning a two-phase project that consists of a 5,000-sq.-ft. headquarters for Archimania, a surface parking lot and a LEED-certified, six-unit apartment building. The project has been designed to address “civic engagement, education, enrichment and sustainability.”
As such, the developers want to create a building with a zero carbon footprint, one of the few in the U.S. In addition, they want to create an art and education plaza. DMC staff recommended a six-year PILOT with four additional years contingent on the Design Review Board’s approval of features such as enhanced architectural lighting, LEED certification and exterior public art.
“An art and education plaza will be provided to the public, and will be accessible through its connection to the sidewalk. The education portion of this plaza will provide signage that explains and showcases the attributes of the site and the project as a whole. Furthermore, the building and the plaza will provide architectural lighting that will supplement the dimly lit intersection at night.”
Cendown’s PILOT request targets the repositioning of three buildings at 77-91 South Second Street. The project’s goal is to preserve and redevelop the buildings into two, ±7,000 square feet restaurant storefronts and 16 market-rate residential units. The targeted units neighbor two other buildings that are under Cendown’s ownership that were repositioned as retail and office under a previous 15-year PILOT obtained in 1986.
DMC staff recommended the approval of a 10-year PILOT as the project is “key for the successful revitalization of [the] block as it represents one of the last remaining pockets of vacancy on the west side of the street.”