MEMPHIS, Tenn. — A $79 million development with 266 apartment units and 320 garage parking spaces has been proposed for Union Avenue near the Edge District.
The Rise on the Ravine complex would be located across the street from the former offices of The Commercial Appeal, a three-acre stretch of mostly vacant former commercial and industrial properties between Sun Studio and Downtown. Existing buildings would be demolished.
Developers with Memphis-based Development Services Group and Atlanta-based META Real Estate Partners presented plans to the Downtown Memphis Commission this month. The application will be considered June 14.
The group is seeking a 20-year payment-in-lieu-of-taxes deal that they say would contribute $7.4 million in real estate tax revenue over the term of the PILOT. They told DMC staff the project would not be possible without the incentive.
They hope to break ground in 2023 and have the project completed in 2025, according to the application.
Proposed rents would range from $1,250 a month to $2,650. Twenty percent of the units would be set aside for low- to moderate-income tenants, according to terms of the deal.
The new venture is the latest phase for the developers in a project that already has renovated the nearby former Wonder Bread Bakery and adjacent properties into offices, apartments and new brewery set to open soon.