Universal Life Building (2015)
Category: Projects
Universal Life Building (2015)
480 Dr M L King Ave
Memphis, TN
Renovate for office use with developer using 20 percent of the space for their own offices.
| Property Name | Universal Life Insurance |
|---|---|
| Project Cost | $6,260,880 |
| District | Medical District |
| Type | Renovation |
| Developer | Self Tucker Architects |
| SF Developed | 33,000 |
| MWBE Rate | 1.00 |
| Total MWBE | $3,123,342 |
| EBO Percent CTD | 0.66 |
| Status | Completed |
| Office SF | 33,000 |
| Approval Date | 2015-04-14 |
| Year Opened | 2018 |
PILOT Details
| Lessee | Self Tucker Properties, LLC |
|---|---|
| Lessee Address | Juan Self & Jimmie Tucker, 480 Dr. M.L. King Jr. Ave, Suite 201 Memphis, TN 38126 |
| Term | 10 Years |
| Approval Date | April 14, 2015 |
| Close Date | 6/27/2017 0:00:00 |
| Extension Approval Date | 2/14/2017 0:00:00 |
| Extension | 0 |
| Term Mos | 120.00 |
| Status From Date | Active |
| Expected Term Date | 6/27/2027 0:00:00 |
| Remaining PILOT Years | 2.54 |
| Pilot Documents | Instrument #15041487 April 29, 2015 - Lease for bond issue, not official PILOT lease Instrument #15041484 April 29, 2015 Instrument #17064970 June 28, 2017 - Amendment to Lease |
CCDC Loan Details
| Loan Program | Development Loan |
|---|---|
| Loan Recipient | Self Tucker Properties, LLC |
| Loan Amount | $300,000 |
| Loan Status | Closed |
| Loan Approval Date | April 15, 2015 |
| Loan Approval Close Date | June 11, 2018 |
| Loan MWBE Est | $1,042,890 |