Developer of $137 million Midtown project applies for incentives
With new incentive rules in place, the Downtown Memphis Commission (DMC) has its first development bite of 2025.
Carlisle LLC is seeking a 20-year PILOT (payment-in-lieu-of-taxes) from the Center City Revenue Finance Corp. (CCRFC) for The Cooper, Carlisle's reimagining of the defunct Central Yards project. The CCRFC is an affiliate board of the DMC.
The project's top-line numbers are unchanged from when its site plan was filed in August. The Cooper's plans include 250 Class A multifamily units, 27 townhomes, a 125-key hotel, and a 325-space parking garage. The development is to be located at the Albert Cook Plumbing Co. site in the Cooper Young neighborhood between Central Avenue and York Avenue and west of Cooper Street.
The project's estimated cost is $137 million. The multifamily portion of The Cooper is expected to break ground in Q3 2025. If all goes to Carlisle's plan, the development would be fully complete in 2027.