Quimby Plaza

A new mixed-use building at the southeastern boundary of the Legends Park HOPE VI Revitalization Plan area in Memphis, TN.

Investment

  • NMTC Amount: $8,351,136
  • Total Project Cost: $8,351,136

IMPACT

  • 35 FTE jobs
  • 35 construction jobs
  • 45,000 sq. ft. of real estate

Investor

Project Description

Quimby Plaza is a new mixed-use building at the southeastern boundary of the Legends Park HOPE VI Revitalization Plan area in Memphis, TN. Located on Poplar Avenue just east of the Memphis Medical District, the 45,000 sq. ft. building includes a 5,500 sq. ft. community center and management space for Legends Park, 24 units of market-rate and affordable rental housing, and 9,000 sq. ft. of medical space to serve the Legends Park residents and the surrounding community. Through a partnership with Methodist Healthcare, the main tenant of this space is the Le Bonheur Pediatric Outpatient Rehabilitation Clinic. MBS Urban Initiative’s $8.35 million New Markets Tax Credit investment enabled to owner to give Methodist Healthcare, a nonprofit organization, a lease that included one year rent-free and up to nine years of rents which are below-market value for new construction. These terms ensured that Methodist Healthcare established the Outpatient Clinic within this low-income community and, thus, erased an historic boundary between the medical district and the neighborhood.

MAP

Address: 916 Poplar Avenue, Memphis, TN 38105

Census Tract: 47157002400

PDF Profile

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