MEMPHIS, Tenn. — The Downtown Memphis Commission’s Center City Revenue Finance Corporation has approved a 20-year property tax break to Development Services Group, the company wanting to redevelop the Edge District.
The measure now heads to the City Council for final approval.
In addition, the group agreed to a $6 million loan that will support the construction of a parking garage in the area. That loan will have to be approved by the Downtown Parking Authority, the City of Memphis and Shelby County government.
Just last week, Development Services Group asked the city to support the $70 million project that will transform Monroe Avenue near the old Wonder Bread factory.
Apartments and a parking garage in the old factory at 400 Monroe Ave. make up the bulk of the project. That portion would cost about $55 million, according to a proposal released by the developers.
The developers also want to spend about $9.5 million on 75,000 of office space in part of the factory.
If approved, required demolition and construction will begin this fall.