The council's planning and zoning committee will also see a resolution Tuesday regarding Loeb Properties' planned Overton Park boutique hotel. The council will review an amendment to permitted uses of the development to not just include a hotel but also townhomes or apartments.
The development by Overton Square LLC and Loeb Properties was approved for a $6 million 15-year Community Builder PILOT (payment-in-lieu-of-taxes) by the Economic Development Growth Engine (EDGE) for Memphis & Shelby County in September 2017. The terms of the PILOT the creation of 65 jobs, paying an average annual wage of about $23,000 per year, including 35 hotel positions at the hotel.