(Photo: Yalonda M. James, Yalonda M. James/The Commercial)
A Downtown board approved tax abatement measures Tuesday for two companies that are headed for the Edge district as part of a Wonder Bread bakery redevelopment.
The Center City Revenue Finance Corp. approved assignments of incentives previously approved for the developer, Development Services Group (DSG LLC).
The companies are Orion Federal Credit Union, which plans to move its headquarters to 400 Monroe in the Edge, and Leo Events, which plans to move to 407-411 Monroe.
Orion, West Tennessee’s largest credit union, is based at 7845 U.S. Highway 64 in the Wolfchase Galleria area. Officials announced last summer they were in negotiations to move the corporate headquarters to the Wonder Bread building as part of a DSG’s redevelopment.
LEO Events is an organizer of events, corporate engagement and promotional marketing, with offices in Downtown Memphis, Chattanooga and Franklin, Tennessee.
Development Services Group was previously approved for partial tax freezes, also known as payments in lieu of taxes (PILOT), for redevelopment of the bakery and nearby properties into multifamily residential, office, commercial and parking.
The bakery in 2013 vacated the block east of Danny Thomas between Monroe and Madison.
Kevin Adams, CBRE executive vice president, said the approval was necessary because Orion and LEO officials had decided they’d rather own the buildings than lease them.
Orion and LEO would receive the same 20-year term as DSG for the partial tax abatement, known as a payment in lieu of taxes.
DSG’s plans include renovation of the oldest, western section of Wonder Bread at 400 Monroe, as 75,000 square feet of office space.
Another part of the bakery property is slated to be demolished to make way for 286 new apartments in five- and six-story buildings fronting Monroe, Madison and Lauderdale. A 480-space parking garage is also proposed.
The Edge district is a former automotive row just east of Downtown.
Reach reporter Wayne Risher at (901) 529-2874 or email@example.com.