Chisca on Main
Category: Projects
Chisca on Main
272 S Main St
Memphis, TN
Renovation of a historic 8-story hotel building into 150 apartments, 5,500 sqft of ground floor commerical space, and a 110-space parking garage.
| Property Name | Chisca Apartments |
|---|---|
| Project Cost | $32,000,000 |
| District | South CBID |
| Type | Renovation |
| Developer | Main Street Apartment Partners, LLC |
| Architect | Bounds & Gillespie and LRK |
| SF Developed | 145,240 |
| Total MWBE | $8,535,119 |
| EBO Percent CTD | 1.00 |
| Status | Completed |
| Apartment Units | 161 |
| Parking Spaces | 110 |
| Retail SF | 5,500 |
| Approval Date | 2012-06-12 |
| Year Opened | 2016 |
PILOT Details
| Lessee | Main Street Apartment Partners, LLC |
|---|---|
| Lessee Address | 40 S Main St., Suite 2200, Memphis, TN 38103 |
| Term | 20 Years |
| Approval Date | June 12, 2012 |
| Close Date | 7/18/2014 0:00:00 |
| Extension Approval Date | 6/10/2014 0:00:00 |
| Extension | 0 |
| Term Mos | 240.00 |
| Status From Date | Active |
| Expected Term Date | 7/18/2034 0:00:00 |
| Remaining PILOT Years | 10.82 |
| Pilot Documents | Instrument #14074338 July 18, 2014 - DPA sublease Instrument #14074333 July 18, 2014 |
PILOT Details
| Lessee | Main Street Apartment Partners, LLC. |
|---|---|
| Lessee Address | 40 S Main St., Suite 2200, Memphis, TN 38103 |
| Term | 20 Years |
| Approval Date | June 12, 2012 |
| Close Date | 7/18/2014 0:00:00 |
| Extension | 0 |
| Term Mos | 240.00 |
| Status From Date | Active |
| Expected Term Date | 7/18/2034 0:00:00 |
| Remaining PILOT Years | 10.82 |
| Pilot Documents | Instrument #17095031 September 14, 2017 - Second amendment to lease agreement Instrument #14074336 July 18, 2014 Instrument #17095030 September 14, 2017 - Assignment to Main Street Apartment Partners, LLC |
DMA Incentive Details
| Incentive Program | DMA Funding |
|---|---|
| Incentive Recipient | Main Street Apartment Partners, LLC |
| Incentive Amount | $1,000,000 |
| Incentive Approval Date | July 18, 2012 |