Cycle Shop and Tomorrow Building (Bakery Redevelopment)
Category: Projects
Cycle Shop and Tomorrow Building (Bakery Redevelopment)
421 Monroe Ave
Memphis, TN
A mixed-use development that includes the renovation of the historic Cycle Shop building into leasable commercial space, and the construction a multifamily building with 108 units on the adjacent lot. This project is a component of the larger Edge Redevelopment project that included the construction of The Rise, a new parking garage, the Orion and Leo Events headquarters, and the renovation of the Cycle Shop and Glass Factory buildings.
| Property Name | Memphis Cycle & Supply Co. |
|---|---|
| Project Cost | $34,556,660 |
| District | Medical District |
| Type | Renovation & New Construction |
| Developer | Chestnut CRE |
| SF Developed | 106,878 |
| Status | Under Construction |
| Apartment Units | 108 |
| Office SF | 9,401 |
| Retail SF | 15,432 |
| Approval Date | 2017-08-08 |
| Expected Completion | 2026 |
PILOT Details
| Lessee | Chestnut Cycle Shop QOZB, LLC |
|---|---|
| Lessee Address | PGK Properties, LLC, c/o Development Services Group, Inc. 40 S. Main St, Suite 2200, Memphis TN 3810 |
| Term | 20 Years |
| Approval Date | August 8, 2017 |
| Close Date | 12/31/2018 0:00:00 |
| Extension | 0 |
| Term Mos | 240.00 |
| Status From Date | Active |
| Expected Term Date | 12/31/2038 0:00:00 |
| Remaining PILOT Years | 15.28 |
| Pilot Documents | Instrument #19008718 December 31, 2018 Instrument #19008717 December 31, 2018 |