The developer behind a planned $4 million, mixed-use rehab project in Downtown Memphis has assembled his construction team as he lines up financing.
Earl Blankenship, chairman and CEO of Mercury Investment Management, said he hopes to close on a loan by the end of January, then secure a nearly $410,000 payment-in-lieu-of-tax incentive from the Downtown Memphis Commission, to begin renovating the buildings at 85, 87 and 91 S. Second St.
Cendown Ltd. LP — a partnership that includes Blankenship and the Canale family, owners of D. Canale & Co. — plans to convert the buildings into 16 apartment units and two restaurants by the end of 2015, as I previously reported.
The company is currently seeking a $2.2 million building permit for “interior renovation” at 85 S. Second St., foreshadowing the closure of the loan, Blankenship said.
The permit unveils the construction team: Montgomery Martin Contractors LLC will be the general contractor and Graham Reese Design Group will be the architect. Also, Blankenship added, creative design firm Farmhouse will provide the branding and marketing for the project.