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 Name | Hickman |
|---|---|
| Project Cost | $19,911,316 |
| District | Core |
| Type | Renovation |
| Developer | Walk-Off Properties, LLC |
| Total MWBE | $4,107,975 |
| EBO Percent CTD | 1.00 |
| Status | Completed |
| Apartment Units | 40 |
| Office SF | 21,300 |
| Parking Spaces | 80 |
| Retail SF | 5,257 |
| Approval Date | 2017-03-14 |
| Expected Completion | 2018 |
| Year Opened | 2018 |
PILOT Details
| Lessee | Walk-Off Properties LLC |
|---|---|
| Lessee Address | 6070 Poplar Avenue, Ste. 300 Memphis, TN 38119 |
| Term | 15 Years |
| Approval Date | March 14, 2017 |
| Close Date | 5/31/2017 0:00:00 |
| Extension | 0 |
| Term Mos | 180.00 |
| Status From Date | Active |
| Expected Term Date | 5/31/2032 0:00:00 |
| Remaining PILOT Years | 7.67 |
| Pilot Documents | Instrument #17054984 May 31, 2017 Instrument #17054982 May 31, 2017 |
PILOT Details
| Lessee | Navin Partners LLC |
|---|---|
| Lessee Address | 6070 Poplar Avenue, Ste. 300 Memphis, TN 38119 |
| Term | 15 Years |
| Approval Date | March 14, 2017 |
| Close Date | 5/31/2017 0:00:00 |
| Extension | 0 |
| Term Mos | 180.00 |
| Status From Date | Active |
| Expected Term Date | 5/31/2032 0:00:00 |
| Remaining PILOT Years | 7.67 |
| Pilot Documents | Instrument #17054985 May 31, 2017 Instrument #17054983 May 31, 2017 |