Tennessee Brewery developers could be partnering with the Downtown Parking Authority and Center City Revenue Finance Corp. to build a $5 million public parking garage via a public-private partnership, reported the Memphis Business Journal.
In a PILOT application submitted Wednesday, the Downtown Memphis Commission proposed a P3 in which CCRFC uses money from the PILOT Extension Fund, a pool of money comprised of taxes collected from local businesses, to build a garage for the Tennessee Brewery.
Tennessee Brewery developers are asking the CCRFC to purchase the subdivided portion of the parcel where the garage would be built. CCRFC would then own that portion and the new parking garage, which would be financed using the PILOT fund, if approved by Memphis City Council and the Shelby County Commission.
CCRFC and DPA would then lease the garage back to the Tennessee Brewery. The lease would give the brewery the option of eventually purchasing the garage.
The four-story garage would consist of about 340 spaces and provide about 3,800 square feet of commercial space on the ground floor. The design would allow developers to add 15 apartments above the ground floor commercial space.
The garage would occupy about half of the subdivided parcel, leaving the remainder as temporary green space until the market identifies its long-term use. Tennessee Brewery developers would maintain ownership of the green space.