EDGE Board Approves Transfer of Central Lofts to New Ownership Team, Preserving 127 Apartments Near Liberty Park

The Economic Development Growth Engine (EDGE) Board on Wednesday approved the transfer of an existing Residential PILOT to Central Lofts LLC, clearing the way for a new ownership team to complete and operate the 127-unit Central Lofts community at 300 S. Hollywood St.

Central Lofts LLC is owned by Memphis development and property management partners Amin Zaki and Khalid Alwan, who together bring more than 35 years of combined experience across single-family, multifamily, retail and industrial projects. Zaki and Alwan have overseen the redevelopment of more than 900 multifamily units and 10 condominiums in Midtown Memphis, including the $12 million renovation of 1030 Poplar Ave. and the $10 million redevelopment of the Bonsai property.

The project represents a total capital investment of more than $20 million. Under the terms approved by the Board, Zaki and Alwan will maintain the affordability commitment established when the project was first approved, reserving 20 percent of the community’s 127 units for residents with low-to-moderate incomes.

“Central Lofts sits in a part of Memphis with real momentum, and leaving 127 apartments unfinished was not an acceptable outcome for that neighborhood,” said EDGE President and CEO Dr. Joann Massey. “Just as important, the property will generate substantially more tax revenue during the PILOT than it did while sitting vacant. Our goal is to use incentives as tools where they can help move projects from possibility to reality, strengthen neighborhoods, and grow the tax base for Memphis and Shelby County.”