We’re excited that our One Beale mixed-use development project is moving ahead.
The Center City Revenue Finance Corp. has approved a 20-year payment-in-lieu-of-tax incentive and $10 million loan for a project that would forever change the Memphis skyline.
Tuesday at CCRFC’s July meeting, Carlisle Corp. presented its application for a 20-year PILOT for its mixed-use development One Beale and a $10 million loan to design and construct a public parking garage at the corner of Beale Street and Riverside Drive.
The 20-year PILOT will result in a 1,500 percent increase in property taxes and a cumulative payment increase of $11.6 million to the city and county over its term.
The main difference between the plans for the project as presented in 2006 and today is replacing the condos with apartment units.
Plans for One Beale include an 18-story South Tower with a 255-room, four-star hotel with 22,000 square feet of meeting/conference space, 8,900 square feet of restaurant and cafe space and an outdoor pool and deck; as well as a 30-story North Tower with 280 residential units — 168 one-bedroom units and 112 two-bedroom units — and 13,200 square feet of commercial space.
The project is anticipated to cost $160 million, with $150 million in private funds from the ownership group.
The additional $10 million for the public parking garage will come from the PILOT Extension Fund, a collection of taxes paid by Downtown developers who extend an original PILOT incentive.
Developers anticipate spending roughly $135 million in hard costs during construction. Sales taxes collected off of materials is anticipated to be about $2.7 million.
During construction, 783 direct and indirect jobs will be created, and once the hotel is up and running, 138 full-time jobs will be available as well as an undetermined amount of part-time jobs to help run the restaurants