Vacant Downtown building gets $200,000 revitalization loan
A Texas-based developer on Wednesday, June 18, received a $200,000 loan to restart construction on a vacant, 115-year-old, three-story building on the Main Street Mall.
The Downtown Memphis Commission Center City Development Corp. approved a development loan for Private Mortgage Investments to finish construction on the building at 18 S. Main St.
The company will lease the 7,500-square-foot first-floor retail space while marketing the site for a new owner to finish renovating the second floor and basement.
The first-floor project is expected to cost nearly $600,000 with the DMC supporting 34% of it and the owner, Shane Clark, contributing the remaining $390,000.
Brett Roler, DMC chief operating officer, said the loan approval “is a big step in the right direction.”
The 10-year loan has an interest rate of 1%, while the repayment schedule is based on 20 years to lower monthly payments, according to the meeting records. The property owners will also repay the amount early if the building is sold before the loan term ends.
The loan is paid after construction is completed.