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Medical Arts Building (The Commonwealth)

Category: Projects

Medical Arts Building (The Commonwealth)

240 Madison Ave
Memphis, TN

Adaptive reuse of the historic Medical Arts Building (also known as the Hickman) into a mixed-use project that includes office, retail, and apartments. The anchor office tenant (and the primary developer) is Southern Sun Asset Management.


Property NameHickman
Project Cost$19,911,316
DistrictCore
TypeRenovation
DeveloperWalk-Off Properties, LLC
Total MWBE$4,107,975
EBO Percent CTD1.00
StatusCompleted
Apartment Units40
Office SF21,300
Parking Spaces80
Retail SF5,257
Approval Date2017-03-14
Expected Completion2018
Year Opened2018

 

PILOT Details

LesseeWalk-Off Properties LLC
Lessee Address6070 Poplar Avenue, Ste. 300 Memphis, TN 38119
Term15 Years
Approval DateMarch 14, 2017
Close Date5/31/2017 0:00:00
Extension0
Term Mos180.00
Status From DateActive
Expected Term Date5/31/2032 0:00:00
Remaining PILOT Years7.67
Pilot Documents

PILOT Details

LesseeNavin Partners LLC
Lessee Address6070 Poplar Avenue, Ste. 300 Memphis, TN 38119
Term15 Years
Approval DateMarch 14, 2017
Close Date5/31/2017 0:00:00
Extension0
Term Mos180.00
Status From DateActive
Expected Term Date5/31/2032 0:00:00
Remaining PILOT Years7.67
Pilot Documents