220 North Claybrook
Address: 220 North Claybrook St
Type of project: Residential Mixed, Residential Multi family
Memphis, Tennessee 38104
Description of project:
The $13 million project by CTLP LLC is proposed for 220 Claybrook St. Formerly home to a seven-story medical office building, the site has been cleared since a demolition in November 2020. The project will be funded with $9 million in loans and $4 million in equity, according to an incentive application. CTLP is seeking a 12-year PILOT (payment-in-lieu-of-taxes) from the Center City Revenue Finance Corp. The apartment building is expected to have 83 units. In order to comply with DMC policies regarding PILOT applications, at least 20% of those units will be set aside for affordable housing. Rents are anticipated to be between $1.70-1.90 per square foot.
Contact: Source: Memphis Business Journal | | |