MEMPHIS, Tenn. — A proposed Grand Hyatt hotel could add another tower to the Memphis skyline at the foot of Beale Street.
The Center City Revenue Finance Corporation on Tuesday approved PILOT tax incentives worth $65 million for the developers of the One Beale project to build a 350-room Grand Hyatt hotel at the corner of Beale and Front.
Board members of the Center City revenue Finance Corporation called the project “a jewel on the river” before their vote on the PILOT.
Construction on the One Beale project has been ongoing for more than a year. The site will contain residential units, restaurants, parking and two smaller Hyatt hotels.
Developers with the Carlisle Corporation stated in the company’s PILOT application that the new hotel would add 554 permanent jobs with an average wage of $58,000, and cited a study that stated it would bring more than $260 million in economic impact for the city.
They said the tax breaks are needed to make the project happen. The company is seeking 30 years of tax abatement, which will require state approval.
Representatives with M&M Enterprises and Carlisle Development Company said they will meet with the Memphis City Council next Tuesday and will reach out to state officials regarding their application for a 30-year PILOT.
In exchange for incentives room block guarantees would also be in place for the newly remodeled convention center. Until this larger project is complete, the smaller Hyatt Centric, set to open this March at One Beale, will serve as a substitute for room blocks.
If approved, construction on the new hotel is expected to begin in early 2022.
