Crosstown Concourse (Sears)
Category: Projects
Crosstown Concourse (Sears)
495 Watkins St
Memphis, TN
Renovation and repurposing of historic 10-story building (14 stories at the tower) located on approximately 16 acres of land into a mixed-use vertical village that would include approximately 600,000 square feet of office space (includes health and educational uses), 63,000 square feet of retail space, 260 residential rental units, 1,130 space parking garage, surface parking, exhibition space, and other common areas.
| Property Name | Crosstown Concourse (Sears) |
|---|---|
| Project Cost | $200,000,000 |
| District | Outside CBID |
| Type | Renovation |
| Developer | Crosstown LLC |
| SF Developed | 1,100,000 |
| Total MWBE | $43,661,944 |
| EBO Percent CTD | 1.00 |
| Status | Completed |
| Apartment Units | 260 |
| Office SF | 600,000 |
| Parking Spaces | 1,130 |
| Retail SF | 63,000 |
| Approval Date | 2013-10-10 |
| Year Opened | 2017 |
PILOT Details
| Lessee | Crosstown Building Owner, LLC |
|---|---|
| Lessee Address | 8700 Trail Lake West, Memphis, TN 38125 |
| Term | 20 Years |
| Approval Date | October 10, 2013 |
| Close Date | 12/30/2014 0:00:00 |
| Extension Approval Date | 11/11/2014 0:00:00 |
| Extension | 0 |
| Term Mos | 240.00 |
| Status From Date | Active |
| Expected Term Date | 12/30/2034 0:00:00 |
| Remaining PILOT Years | 10.26 |
| Pilot Documents | Instrument #15106534 October 21, 2015 - Merger of entities Instrument #14130533 December 30, 2014 |