Downtown building set for renovation
One of developer Tom Intrator's former properties is set to receive a significant renovation.
On June 18, the Center City Development Corp., an affiliate board of the Downtown Memphis Commission (DMC), approved a $200,000 development loan for a redevelopment project at 18 S. Main St.
Texas-based firm, Private Mortgage Investments, LLC, purchased the three-story building in April for $3.2 million, according to the Shelby County Register of Deeds.
Intrator previously owned the property and was awarded a 13-year payment-in-lieu-of-taxes (PILOT) from the Center City Revenue Finance Corp., an affiliate board of the DMC; however, the PILOT incentive was canceled after the project stalled, according to DMC staff reports. The building is partially renovated, including a glass panel exterior; those renovations were part of an estimated $2.79 million investment from the previous owners during the now-canceled PILOT contract, according to DMC staff reports.
Under the proposed $200,000 development loan, Private Mortgage Investments is aiming to renovate the interior of the building and prepare the first-floor space as a tenant-ready commercial site. Renovations and construction is expected to begin in fall 2025.