7 Vance Mixed-Use Development
Category: Projects
7 Vance Mixed-Use Development
7 Vance Ave
Memphis, TN
A new mixed-use development at the corner of Vance Avenue and Wagner Place, at the former location of the Nylon Net Building and 339 S. Front. The new development will consist of two new-construction buildings with 273 multifamily units, 310 parking spaces, and ground floor amenity space.
| Property Name | Nylon Net |
|---|---|
| Project Cost | $87,100,000 |
| District | South CBID |
| Type | New Construction |
| Developer | Carlisle Development Company |
| Contractor | Linkous |
| Status | Under Construction |
| Apartment Units | 273 |
| Parking Spaces | 310 |
| Approval Date | 2021-02-09 |
| Expected Completion | 2025 |
PILOT Details
| Lessee | 7V Devco, LLC |
|---|---|
| Lessee Address | 245 Front Street Hotel Company, LLC, 119 S. Main Street, Suite 800, Memphis, TN 38103 |
| Term | 19 Years |
| Approval Date | February 9, 2021 |
| Close Date | 10/27/2021 0:00:00 |
| Extension | 0 |
| Term Mos | 234.00 |
| Status From Date | Active |
| Expected Term Date | 4/27/2041 0:00:00 |
| Remaining PILOT Years | 16.59 |
| Pilot Documents | Instrument #21134488 October 26, 2021 - Quitclaim to CCRFC Instrument #21134490 October 26, 2021 - PILOT lease |