Developers plan 217 apartments on Madison Avenue in Midtown
MEMPHIS, Tenn. — A vacant lot across from Midtown’s Minglewood Hall could soon be home to more than 200 apartments.
Developers with 1544 Madison Partners are seeking approval for the development of more than 200,000 square feet of residential space and 5,000 square feet of commercial space in four buildings. Plans call for 256 parking spaces on the four-acre site between Madison and Avalon at Willett, according to documents filed with the EDGE board.
Most of the planned 217 apartments in the Madison Midtown development would be one-bedroom, with some two-bedroom units. Seventy units are reserved for low-moderate-income occupants.
Most units will feature an exterior covered balcony. Resident amenities will include a media lounge, 24-hour fitness center, a business center and bike storage. A perimeter fence with resident access will surround the property.
The entire investment is estimated at $24 million.
Developers were granted a 15-year PILOT tax break by EDGE in October. The project now will be brought before the Land Use Control Board on March 8.
The project will be owned by a partnership of Orgel Family, L.P., Three Madison Investments, LLC, Berlin Boyd, Adam Slovis, Benjamin Orgel, Jay Lindy and Michael McLaughlin, according to EDGE documents.
The site has been vacant since 2009 when a former BellSouth mid-rise building on the site was demolished.