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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 NameMemphis Cycle & Supply Co.
Project Cost$34,556,660
DistrictMedical District
TypeRenovation & New Construction
DeveloperChestnut CRE
SF Developed106,878
StatusUnder Construction
Apartment Units108
Office SF9,401
Retail SF15,432
Approval Date2017-08-08
Expected Completion2026


PILOT Details

LesseeChestnut Cycle Shop QOZB, LLC
Lessee AddressPGK Properties, LLC, c/o Development Services Group, Inc. 40 S. Main St, Suite 2200, Memphis TN 3810
Term20 Years
Approval DateAugust 8, 2017
Close Date12/31/2018 0:00:00
Term Mos240.00
Status From DateActive
Expected Term Date12/31/2038 0:00:00
Remaining PILOT Years14.77
Pilot Documents
Instrument #19008718
December 31, 2018
Instrument #19008717
December 31, 2018