Memphis, Tenn. (August 19, 2020) – Five projects approved today by EDGE would see three companies expanding in or relocating to Memphis, creating nearly 300 jobs and $161 million in investment for this area; and more investment and opportunities for population growth near the University of Memphis.
- DHL Supply Chain would create hundreds of new jobs and invest more than $85 million to construct a new Memphis campus.
- Aesthetic Management Partners is looking to move its headquarters from California to Memphis, creating high-paying jobs.
- RDX would create new jobs and invest more than $8 million at the former Mall of Memphis site.
- Finard Properties, LLC is looking to invest $47 million to construct new apartments and retail, bringing new life to Poplar Plaza at the corner of at Poplar and Highland.
- Water to Wine, LLC would move forward with an $8 million investment to develop an apartment building in a long-vacant space near the U of M with retail and restaurant space near.
“The projects approved by the EDGE Board today show Memphis’s continued strength in transportation and logistics,” said EDGE president and CEO, Reid Dulberger. “The impact will be significant, bringing hundreds of good paying jobs and hundreds of millions of dollars in investment in our area. The residential projects continue to boost population density and drive retail growth in the University of Memphis area.”
Read more about each project below.
DHL Supply Chain
Exel Inc., dba DHL Supply Chain (USA) has been scouting locations to set up third party logistics services for two companies – neither of which are currently located in Shelby County – Yeti Coolers and a confidential life sciences partner. As with previous projects, DHL has considered expanding its campus in either North Mississippi or Memphis.
EDGE provided the company with a 13-year Jobs PILOT to encourage it to create 255 new jobs with an average wage of $37,478 and invest $85,718,770 to construct the new campus in Memphis near the intersection of East Holmes Road and Tchulahoma Road.
This project would create $21,668,293 in local total tax revenues during the PILOT term.
- 13-Year Jobs PILOT
- 255 New Jobs With An Average Salary Of $37,478
- More than $85 Million in Investment
- More Than $21 Million in Tax Revenue
- More than $19 Million in Spending With Minority/Women-Owned Businesses
Aesthetic Management Partners
California-based Aesthetic Management Partners, which provides product distribution, branding, marketing, and sales to medical device manufacturers, has been looking into relocating its headquarters to a more central location in the US.
EDGE provided the company a 12-year Jobs PILOT to encourage it to invest $2.9 million and bring its headquarters to 9113 Macon Road in Shelby County, creating 26 new jobs with an average salary of more than $120,000 a year.
The project would create $1,721,437 in local total tax revenues during the PILOT term.
- 12-Year Jobs PILOT
- 26 New Jobs With An Average Salary Of More Than $120,000
- Nearly $3 Million Investment
- More Than $1.7 Million in Tax Revenue
- $39,203 in Spending With Minority/Women-Owned Businesses
A proposed facility for integrated trucking and transportation company, RDX would complete the revitalization of the former Mall of Memphis site.
The company is currently leasing space in Bartlett and has been evaluating locations to move its operation that can accommodate more employees and vehicles.
EDGE provided a six-year Jobs PILOT to encourage RDX to create 15 new jobs with an average wage of more than $44,000 and invest $8.6 million to construct a new custom office and terminal facility on the Mall of Memphis site.
The project would create $809,628 in local total tax revenues during the PILOT term.
- 6-Year Jobs PILOT
- 15 New Jobs With An Average Salary Of More Than $44,000
- More than $8.6 Million in Investment
- More Than $800,000 in Tax Revenue
- Nearly $2 Million in Spending With Minority/Women-Owned Businesses
Poplar Plaza Residential
For years it was Memphis’ first shopping center, bustling with anchor stores Lowenstein’s, J.C. Penny’s, and Woolworth’s among others, but in recent years, much of the Poplar Plaza shopping center has sat vacant.
EDGE provided Finard Properties, LLC and Panther Residential Management a 15-year Residential PILOT to construct approximately 240 apartment units, bringing new life to the southeast corner of the site at Poplar and Highland. The company has committed to make 20% of the project, or approximately 48 units, available for Low to Moderate income residents. Around 34,000 square feet of the building will be comprised of retail space.
Today, this property produces $113,335 per year in property taxes. This would increase to $376,489 during the PILOT term and to $1,357,850 annually post-PILOT. Total local tax revenue during the term of the PILOT Lease Term is expected to be $12,735,957.
- 15-Year Residential PILOT
- More than $56 Million in Investment
- More Than $12 Million in Tax Revenue
- More than $11.7 Million in Spending With Minority/Women-Owned Businesses
A vacant former office building on Park Avenue near the University of Memphis could soon be reimagined as a new apartment building with retail and restaurant space. The 35,000-square-foot building just half a mile from the University of Memphis has been empty for 10 years.
Germantown-based Water to Wine LLC plans to invest more than $9 million to develop the property. The project will complement the style and scale of buildings along Park Avenue. The company has committed to making 20% of the project, or 16 units, available to Low to Moderate income residents.
EDGE provided the company with an 11-year Residential PILOT to encourage it to move forward with the 80-unit apartment building with retail restaurant space at 3637 Park Avenue.
Today, this property produces $3,246 per year in property taxes. This would increase to $65,753 per year during the term of the PILOT and to $253,460 annually post-PILOT.
- 11-Year Residential PILOT
- More than $9.2 Million in Investment
- More Than $1.3 Million in Tax Revenue
- More than $2 Million in Spending With Minority/Women-Owned Businesses