Project Type(s): Community, Community Center, Healthcare, and Mixed-Use
Project Year: 2008
CDE(s): MBS Urban Initiatives
NMTC amount: $8,351,136
Total Project Costs: $8,351,136
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 square foot building includes a 5,500 square foot community center and management space for Legends Park, 24 units of market-rate and affordable rental housing, and 9,000 square feet 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 non-profit 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.
Additional Project Profiles:Tennessee-Quimby-Plaza
Address: 916 Poplar Avenue, Memphis, TN