266 Memphis Lofts
Category: Projects
266 Memphis Lofts
266 S Front St
Memphis, TN
Mixed use development on 1.73 acre site with two residential buildings (75,980 SF and 60,174 SF), and a two-story commercial structure (8,000 SF). Project is split into two phases -- the first phase was completed in 2017, and purchased by Alpha 266 Properties, LLC. The second phase was completed in 2019, and was also purchased by Alpha 266.
| Project Cost | $17,862,245 |
|---|---|
| District | South CBID |
| Type | New Construction |
| Developer | 266 Developer, LLC |
| Architect | Renaissance Group (Sal Feraci) |
| SF Developed | 144,154 |
| Total MWBE | $4,107,305 |
| EBO Percent CTD | 1.00 |
| Status | Completed |
| Apartment Units | 145 |
| Restaurant SF | 8,000 |
| Approval Date | 2014-10-14 |
| Year Opened | 2019 |
PILOT Details
| Lessee | Alpha 266 Properties, LLC |
|---|---|
| Lessee Address | 380 Southpointe Blvd, Plaza II Suite 325, Canonsburg, PA 15317, Attn: Jide Famuagun |
| Term | 10 Years |
| Approval Date | October 14, 2014 |
| Close Date | 9/12/2016 0:00:00 |
| Extension Approval Date | 10/14/2017 0:00:00 |
| Extension | 0 |
| Term Mos | 120.00 |
| Status From Date | Active |
| Expected Term Date | 9/12/2026 0:00:00 |
| Remaining PILOT Years | 2.97 |
| Pilot Documents | Instrument #16098542 September 26, 2016 - Original Lease Instrument #17099307 September 26, 2017 - Phase I lease split off from original lease Instrument #18024546 March 9, 2018 - Assignment of Phase I to Alpha 266 Instrument #1609841 September 26, 2016 - Original Quitclaim to CCRFC |
PILOT Details
| Lessee | Alpha 266 Properties, LLC |
|---|---|
| Lessee Address | 380 SouthPointe Blvd, Plaza II Suite 325, Canonsburg, PA, Attn: Jide Famuagun |
| Term | 10 Years |
| Approval Date | October 14, 2014 |
| Close Date | 9/12/2016 0:00:00 |
| Extension Approval Date | 10/14/2015 0:00:00 |
| Extension | 0 |
| Term Mos | 120.00 |
| Status From Date | Active |
| Expected Term Date | 9/12/2026 0:00:00 |
| Remaining PILOT Years | 2.97 |
| Pilot Documents | Instrument #1609841 September 26, 2016 Instrument #17099308 September 27, 2017 - Phase II Lease Instrument #19038792 April 22, 2019 - Assignment to Alpha 266 Properties |
CCDC Loan Details
| Loan Program | Development Loan |
|---|---|
| Loan Recipient | 266 Developer, LLC |
| Loan Amount | $325,000 |
| Loan Approval Date | February 18, 2015 |