ServiceMaster awarded $5.5 million grant for renovations to Peabody Place
MEMPHIS, Tenn. — Peabody Place is about to get a $5.5 million renovation.
At the beginning of June, ServiceMaster, who had previously been seeking out a new location for its company, announced it would be moving downtown into the old Peabody Place building.
The mall shutdown approximately 5 years ago and has been sitting empty ever since.
Now it’s getting some tender loving care.
On Thursday, the State Funding Board approved ServiceMaster’s incentive package offered by the TNECD.
The company will be given $5.5 million through a FastTrack Economic Development Grant for building renovations, site preparation and construction at Peabody Place.
In addition, EDGE told WREG, “as part of a comprehensive incentive package for ServiceMaster Global Headquarters, EDGE staff will be recommending to the EDGE Board a personal property PILOT and a $2.3 million grant.”
ServiceMaster signed a 15-year lease with Belz Enterprise, which owns Peabody Place.
Some operations of the new One ServiceMaster Center could open next year bringing approximately 1,200 workers to the downtown area.