Pressbox Lofts (Toof Mural Building)
Category: Projects
Pressbox Lofts (Toof Mural Building)
195 Madison Ave
Memphis, TN
Renovate currently vacant and blighted historic 5-story property into approximately 50 rental apartments and approximately 2,500 square feet of ground floor commercial/retail space. Of the 50 rental apartments, 40 will be studio or one-bedroom units (some with lofts), and 10 will be twobedroom units (some with lofts).
| Property Name | Pressbox Lofts (Toof Building) |
|---|---|
| Project Cost | $7,250,000 |
| District | Core |
| Type | Renovation |
| SF Developed | 64,500 |
| Total MWBE | $1,619,863 |
| EBO Percent CTD | 1.00 |
| Status | Completed |
| Apartment Units | 50 |
| Retail SF | 2,500 |
| Approval Date | 2013-09-10 |
| Year Opened | 2014 |
PILOT Details
| Lessee | 195 Madison Avenue, LLC |
|---|---|
| Lessee Address | 195 Madison Avenue, LLC, 1755-D Lynnfield Road, Suite 142, Memphis, TN 38119 (Returned to sender) |
| Term | 15 Years |
| Approval Date | September 10, 2013 |
| Close Date | 12/30/2013 0:00:00 |
| Extension | 0 |
| Term Mos | 180.00 |
| Status From Date | Active |
| Expected Term Date | 12/30/2028 0:00:00 |
| Remaining PILOT Years | 5.27 |
| Pilot Documents | Instrument #13152007 December 30, 2013 Instrument #14069232 July 7, 2014 - Subordination of lease |