Quimby Plaza*
Memphis, TN
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.
The site also offers a wellness center, an outdoor swimming pool, additional community spaces, including a business and computer center, and a children’s play area for use by the surrounding low-income community.
This institution is an equal opportunity provider.
Quick Facts
Project Goal: Create new mixed-used commercial and residential building as anchor in revitalizing mixed-income community.
Total Development Costs: $8,351,136
Square Footage: 45,000 square feet total; 5,500 square feet community center and management space; 9,000 square feet commercial space leased to Le Bonheur Children’s Hospital
Developer: McCormack Baron Salazar and Community Capital
Tax Credit Investor: U.S. Bancorp Community Development Corporation
NMTC Allocation: $8,351,136
Other Key Project Financing: Enterprise Bank & Trust, Hope Community Credit Union, City of Memphis Division of Housing and Community Development, Center City Commission, Memphis Housing Authority, SunAmerica Affordable Housing Partners
Construction Jobs: 137
Permanent Jobs: 65
Investment date: November 2008
Opening date: September 2010