Bakery PILOT Application - FINAL 08.01.2017

Existing Lauderdale at Monroe
PGK Properties
LRK Architects
Proposed Lauderdale at Monroe
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Applicant Background

Applicant: PGK Properties, LLC

Key People for PGK Properties:

Gary Prosterman, Developer and Principal
President, Development Services Group (DSG)
40 S Main Street
Suite 2200
Memphis, TN 38103
gprosterman@dsginc.net
http://www.dsginc.net

John Tirrill, Apartment Developer and Principal
SWH Partners
1720 Peachtree St NW #540
Atlanta, GA 30309
http://swhpartners.com

Worthington Hyde Partners
Bob Worthington, Developer and Principal
3930 East Jones Bridge Rd Suite 145
Norcross, GA 30092
Worthington Hyde Investments
770-448-8998
bmarshall@worthingtonhyde.com

Primary Project Contact:
Ethan Knight, Developer and Principal
Vice President of Development, DSG Inc; PGK Properties, LLC
40 S Main Street
Suite 2200
Memphis, TN 38103
eknight@dsginc.net
http://www.dsginc.net

Relevant Development Experience

Development Services Group (DSG) is the developer of record on the project. DSG has
extensive experience with adaptive reuse both locally and abroad. See attached Experience
Appendix for detail.

The Chisca Apartments, Memphis, TN 164 apartment unit, adaptive reuse,
mixed use development converted from the blighted, historic Chisca Hotel. DSG
was developer of the project.
Le Meridien Tampa, Tampa, FL 130 room, adaptive reuse, 4-star hotel
development converted from the former Tampa Old Federal Courthouse. DSG is
owner and developer of the hotel.
Le Meridien Philadelphia, Philadelphia, PA 250 room, adaptive reuse, 4-star
hotel development, converted from a former YMCA in the heart of downtown
Philadelphia. DSG was developer of the project.
One Commerce Square, Memphis, TN 350,000sf office tower redevelopment.
DSG led the acquisition and redevelopment of the major high-rise property in
the heart of downtown Memphis, preventing the tower from becoming another
vacant member of the Memphis skyline. DSG was the developer and member of
ownership.

Gary Prosterman, President of DSG, has founded, led and grown successful enterprises in
healthcare and real estate and enhanced the quality of life and opportunity in various markets
through his business, civic, educational and charitable involvements during the past 30 years.

He founded two companies, Development Services Group, Inc. (DSG), a real estate
development company, and Ambulatory Management Services (AMS), which developed and
managed outpatient surgery centers. AMS was recognized as a regional Business of the Year
finalist in 1995, and was acquired by publicly traded Symbion Inc. of Nashville in 1998.

Through the years, Gary has received various business honors. He serves as a director for
Hapten Sciences, Inc., the University of Tennessee-College of Consumer Services, West
Tennessee Family Solutions, St. Marys Episcopal School, and the Housing Foundation of West
Tennessee, where he represents the U.S. Department of Justice on the board overseeing
residential housing for mentally handicapped adults in Tennessee.

A cum laude graduate of the University of Tennessee, Gary was selected to the national
leadership society (Omicron Delta Kappa). He also completed advanced studies on political and
economic systems at Georgetown University while serving as an intern for former US Senator
and Senate Majority Leader Howard H. Baker.

Ethan Knight, Vice President of Development for DSG, is responsible for due diligence,
research, property acquisition, project proforma analysis, and construction management.
Before coming to DSG, Ethan was a project engineer for Memphis-based Architecture and
Engineering firm A2H, where he specialized in project management, transportation
engineering, and bridge design. Ethan graduated from Auburn University in 2009 with a degree
in Civil Engineering. He is a cofounder and board member of the Alcy-Ball Development
Corporation in South Memphis and is involved in the City of Memphis Bluestream Task Force,
Urban Land Institute, and Second Presbyterian Church. Ethan joined DSG in 2012.

SWH Partners: Please see the attached exhibit of SWHs extensive apartment development
experience.

Corporate Structure: Due to the complex nature of this large development, corporate structure
is to be determined.

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Environmental

PGK Properties has performed extensive environmental testing on all properties, with all
notable findings being reported to Tennessee Department of Environmental and Conservation
(TDEC), including deep soil borings around the neighborhood. Please see the attached letter
from Tioga Environmental concerning the research on the Bakery Site. PGK Properties will
remediate all environmental concerns encountered during construction in coordination with
guidance from Tioga and TDEC.

Site Control

All properties included within this PILOT application are owned by PGK Properties, LLC, the
applicant of this PILOT. No debts or liens exist on the properties.

Marketing Plan

PGK has worked diligently for over 2 years to study the housing market and identify key
prospects for commercial tenants. During this period, PGK assembled an excellent group of
neighborhood anchors to be a part of the redevelopment. During construction, PGKs branding
and marketing team will ensure success by crafting a strong image for the neighborhood.

Financial Items

Due to the complicated nature of this large-scale development, the Pro Formas shown herein
detail the immediate investment to take place in the Bakery Apartments and The Cycle Shop
projects. The other proposed office components are speculative in nature with greater
unknowns and are presented based on detailed construction estimates from major contractors
and prevailing NNN lease rates.

Complete audited financial statements will be provided to Downtown Memphis Commission
separately from this application. DSG has used Watkins Uiberall for accounting services for 20+
years. The properties included within this application were acquired over the last 2 years in a
series of all-cash closings. PGK Properties has performed significant due diligence on the
neighborhood and existing buildings. This is PGK Properties first attempt to develop these
properties.

Financial Projections, Sources and Uses: Please see the attached proforma.

Demonstrated need for a PILOT: A walk through the Edge District today makes it clear that the
market alone is not able to bring change to a neighborhood. Without intervention, the
neighborhood has lost hundreds of jobs and will continue to have extreme difficulty attracting
any significant development. Market rate tax assessment of new major developments places an
unviable, uncontrollable expense burden on the property, making the new development
completely infeasible. As a property owner, there are no other ways to address this tax burden.

Without a PILOT, the project is not financeable and will be unable to attract the capital and
make debt payments necessary to complete the project. This project will not proceed without a
20 Year PILOT. Downtown Memphis Commissions commitment for a PILOT will be fundamental
to bringing this project to fruition.

Need for Parking Garage Assistance: High quality urban developments in a relatively suburban
city like Memphis require structured parking to achieve a diverse density of uses, the hallmark
of excellent urban settings. In Memphis, the cost of building structured parking is high, while
the markets willingness to pay for parking is extremely low. Parking is typically expected to be
free by Memphians, and suburban properties have a competitive advantage by hiding their
lower cost of parking in their rents. To mitigate the high cost of structured parking construction,
PGK Properties will also seek a capital lease for a parking garage. The proforma assumes capital
lease payments to Downtown Parking Authority to cover debt service on a 45-year low interest
loan. Similar to the PILOT, this project will not be able to bear the cost of building a garage
without significant assistance. This assistance from the Downtown Parking Authority is a major
win for Downtown Memphis Commission and Downtown Memphis residents, as it enables the
density of the Edge District to come alive.

Commitment Letter from Lender: PGKs principals have excellent working relationships with
several market leading lenders and has not selected lenders for the project at this time.

Project Timeline

Beginning August 2017, upon receipt of PILOT and DPA assistance, PGK Properties will be able
to immediately proceed as follows:

Bakery Apartments and Garage: Architect will be released to proceed from the current
Schematic Designs to 100% Construction Documents. Construction will begin as soon as CDs are
in final stages and financing closes. Preliminary Schedule:

August 2017: PILOT / DPA Assistance Confirmed, Begin Construction Documents
October 2017: Begin Demolition
November 2017: 95% CDs Complete, Close Financing, Begin Construction
August 2018: Garage Structure Complete
June 2019: Construction Wrap Up, begin Multifamily Lease-Up

Bakery Office Building: Developer will proceed to execute a lease or other contract with the
60,000 SF flagship tenant, beginning design and construction immediately upon execution of
lease or other agreement.

Cycle Shop: 100% Construction Documents are complete for the Core and Shell redevelopment
of the building, and construction will begin upon closing of PILOT and financing. Construction
Timeline is estimated to take 6 months from Notice to Proceed to first tenant move in.

411 Monroe: Speculative office redevelopment. Developer has been in negotiations with
several interested parties, and expects to make a selection in the months following start of
construction on the Bakery Apartments.

435 Madison: Speculative office redevelopment. Developer intends to utilize this property as a
field office until it attracts a quality tenant. Developer has been in negotiations with several
interested parties, and expects to make a selection in the months following start of
construction on the Bakery Apartments.

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Credit References: Available on Request

Items for Lease Preparation

Parcels:

400 MONROE AVE - 007001 00004C
0 MONROE AVE - 007004 00003C
407 MONROE AVE - 007004 00007
411 MONROE AVE - 007004 00008
421 MONROE AVE - 007004 00010C
435 MADISON AVE - 007002 00003

400 Monroe will be subdivided to separate the apartments, garage, and office into distinct
parcels.
No assessments under appeal.

Disclosures

No disclosure required.

Application Affirmation

Ethan Knight
40 S Main, Suite 2200
Memphis, TN 38103
901.300.3423
eknight@dsginc.net

This application is made in order to induce the Memphis Center City Revenue Finance
Corporation (CCRFC) to grant financial incentives to the applicant. The applicant hereby
represents that all statements contained herein are true and correct. All information materially
significant to the CCRFC in its consideration of the application is included. The applicant
expressly consents to the CCRFCs investigation of its credit in connection with this application.
The applicant acknowledges that it has reviewed the descriptions of the CCRFC financial
program for which it is applying and agrees to comply with those policies. The applicant shall
also be required to show a good faith effort with regard to the employment of M/WBE
contractors. The applicant specifically agrees to pay all reasonable costs, fees and expenses
incurred by the CCRFC whether or not the incentive is granted or project completed.

DSG has an excellent track record with exceeding M/WBE contracting and has set an internal
goal to exceed DMCs minimum requirements.

)"">(D&G*/,%'0*&(
:: 01.16094.00 :: 2017 LRK I NC . A LL R IGHTS R ESERVED :: 175 T OYOTA P LAZA , S UITE 500, M EMPHIS TN 38103 ::
MONROE & LAUDERDALE RENDERING
B A K E R Y A P A R T M E N T S
PILOT
4 0 0 M O N R O E M E M P H I S T N
07.27.2017
MADISON & LAUDERDALE RENDERING
PILOT
07.27.2017
! The Bakery Site - 400 Monroe Ave.

Multifamily
New Construction 5-6 Stories
GSF Per Floor 54,402sf
TTotal GSF 297,115sf
NSF (82% Eff.)
ff
ff.) 221,195sf
Units (892sf Avg.) 284 Units
% Parking Structure
401 spaces provided
A P A R T M E N T S
$ Reuse of West Bakery - 400 Monroe Ave.
!
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# Paint Shop - 411 Monroe Ave.
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Adaptive Reuse
Surface Parking 20 Spaces
% Glass Factory - 435 Madison Ave.

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MONROE
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07.20.2017
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07.20.2017
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07.20.2017
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E N L A R G E D E L E VAT I O N - L A U D E R D A L E 9
PILOT DMC Version Final.xlsx
PILOT Request
Requested PILOT Term (years) 20.0
Project Type New & Rehab
Located in the CBID? Yes
Current Amounts
Base Appraisal $2,138,700
Base Assessment $855,480
Annual City Tax on Base Assessment $27,987
Annual County Tax on Base Assessment $35,331
Annual RE Taxes on Base Assessment $63,318
Project Costs
Acquisition Cost $4,724,233
Hard Costs $60,496,620
Soft Costs $6,760,997
Total Project Costs w/o PILOT fee $71,981,850
Hard Costs Investment Check - 84.0% YES
Public grants eligible for PILOT fee basis reduction $0
PILOT fee basis $71,981,850
PILOT fee $1,079,728
Total Project Costs w/ PILOT fee $73,061,578
Valuation & CBID Assessment
Base Appraisal $2,138,700
Percentage of Hard Costs $42,347,634
Estimated Appraisal after Improvements $44,486,334
Estimated Assessment after Improvements $17,794,534
Estimated Annual CBID Assessment after Improvements $115,599
Annual RE Taxes
Hypothetical annual taxes without PILOT*
Estimated Hypothetical Annual City Tax without PILOT* $582,145
Estimated Hypothetical Annual County Tax without PILOT* $734,914
Estimated Hypothetical Total Annual Taxes without PILOT* $1,317,059
Estimated annual taxes with PILOT
Estimated Annual City Tax with PILOT $166,526
Estimated Annual County Tax with PILOT $210,227
Estimated Total Annual Taxes with PILOT $376,753
Estimated Annual Benefit $940,306

Cumulative RE Taxes
Hypothetical cumulative taxes without PILOT*
Estimated Hypothetical Cumulative City Tax without PILOT* $11,642,896
Estimated Hypothetical Cumulative County Tax without PILOT* $14,698,285
Estimated Hypothetical Total Cumulative Taxes without PILOT* $26,341,180
Estimated cumulative taxes with PILOT
Estimated Cumulative City Tax with PILOT $3,330,527
Estimated Cumulative County Tax with PILOT $4,204,541
Estimated Total Cumulative Taxes with PILOT $7,535,068
Estimated Cumulative Benefit over 20-Year PILOT $18,806,113
Estimated Cumulative Increase in Taxes due to PILOT $6,268,704
*Staff has concluded that this project would not go forward without a PILOT. Hence, the "Estimated Hypothetical" amounts are
fictional/moot numbers used to calculate the benefit of the PILOT to the project. The benefit figure does not represent lost tax
revenue to the City or County. Without the PILOT, the property would remain unimproved and the tax assessment would continue
to be based upon the unimproved value. With the PILOT, the amount listed above as "Estimated Cumulative Increase in Taxes due
to PILOT" would be the approximate benefit over the PILOT term to the City and County from newly generated property tax
revenue. That amount does not include any new sales taxes that will be generated by the construction and operation of the project.
Furthermore, after the PILOT term has finished, it is expected that the annual taxes will be approximate to the amount listed as
"Estimated Hypothetical Total Annual Taxes without PILOT".
Edge District Master Development
PGK Properties
Development Budget Totals Per USF % of Budget
SOURCES $ -
PGK Properties $ 23,573,250 $ 39.20 32.26%
PILOT Extension Fund $ 6,000,000 $ 9.98 8.21%
Construction Loan $ 43,488,328 $ 72.32 59.52%
TOTAL SOURCES $ 73,061,578 $ 121.50 100.0%
USES 601342 gsf

Land $ 4,724,233 $ 7.86 6.5%
Hard Costs $ 60,496,620 $ 100.60 82.8%
Design and Engineering $ 2,318,950 $ 3.86 3.2%
Financing $ 2,193,360 $ 3.65 3.0%
Operating Deficit $ 967,452 $ 1.61 1.3%
Taxes Insurance $ 431,235 $ 0.72 0.6%
Professional Fees $ 495,000 $ 0.82 0.7%
Misc Project Costs $ 355,000 $ 0.59 0.5%
PILOT Fee $ 1,079,728 $ 1.80 1.5%
TOTAL USES $ 73,061,578 $ 121.50 100.0%
Square Footage Totals GSF

Apartments 290,342
Cycle Shop 27,000
Offices 128,000
Garage 156,000
Total 601,342
The Bakery Apartments
PGK Properties - 400 Monroe East
Development Budget Totals Per Unit Per RSF % of Budget
SOURCES $ - $ -
PGK Properties $ 16,574,940 $ 57,954 $ 74.82 35.00%
$ - $ - 0.00%
Construction Loan $ 30,782,032 $ 107,629 $ 138.96 65.00%
TOTAL SOURCES $ 47,356,973 $ 165,584 $ 213.78 100.0%
USES
Land $ 1,109,483 $ 3,879 $ 5.01 2.3%
Hard Costs $ 39,014,719 $ 136,415 $ 176.12 82.4%
Design and Engineering $ 1,720,950 $ 6,017 $ 7.77 3.6%
Financing $ 1,903,164 $ 6,654 $ 8.59 4.0%
Operating Deficit $ 302,452 $ 1,058 $ 1.37 0.6%
Taxes Insurance $ 326,793 $ 1,143 $ 1.48 0.7%
Professional Fees $ 2,200,000 $ 7,692 $ 9.93 4.6%
Misc Project Costs $ - $ - $ - 0.0%
PILOT Fee $ 779,411 $ 2,725 $ 3.52 1.6%
TOTAL USES $ 47,356,973 $ 165,584 $ 213.78 100.0%
Edge Office Adaptive Reuse - Spec Development - Breakout
435 Madison, 400 Monroe West, 411 Monroe
Breakout Dev Budget 400 Monroe W 435 Madison 411 Monroe TOTALS
Sources
PGK Properties $ 1,765,272 $ 950,227 $ 553,266 $ 3,268,765
Construction Loan $ 5,295,816 $ 2,850,681 $ 1,659,799 $ 9,806,296
TOTAL SOURCES $ 7,061,089 $ 3,800,907 $ 2,213,065 $ 13,075,061
Uses 75000 sf 36000 sf 17000 sf 128000 sf

Land $ 612,500 $ 775,000 $ 450,000 $ 1,837,500
Hard Costs $ 5,011,648 $ 2,437,000 $ 1,425,000 $ 8,873,648
Design and Engineering $ 314,000 $ 111,000 $ 59,000 $ 484,000
Financing $ 110,877 $ 60,821 $ 31,999 $ 203,696
Operating Deficit $ 70,000 $ 34,000 $ 16,000 $ 120,000
Taxes Insurance $ 48,000 $ 22,000 $ 10,900 $ 80,900
Professional Fees $ 560,000 $ 200,000 $ 125,000 $ 885,000
Misc Project Costs $ 210,000 $ 95,000 $ 50,000 $ 355,000
PILOT Fee $ 124,064 $ 66,087 $ 45,166 $ 235,317
TOTAL USES $ 7,061,089 $ 3,800,907 $ 2,213,065 $ 13,075,061
Cycle Shop Office and Retail
421 Monroe 27000 GSF
Development Budget Totals Per Sq. Ft. % of Budget
SOURCES $ -
PGK Properties $ 836,192 $ 30.97 22.38%
Construction Loan $ 2,900,000 $ 107.41 77.62%
TOTAL SOURCES $ 3,736,192 $ 138 100%
USES
Land $ 337,250 $ 12.49 9.0%
Hard Costs $ 2,774,900 $ 102.77 74.3%
Design and Engineering $ 114,000 $ 4.22 3.1%
Financing $ 86,500 $ 3.20 2.3%
Operating Deficit $ 45,000 $ 1.67 1.2%
Taxes Insurance $ 23,542 $ 0.87 0.6%
Professional Fees $ 290,000 $ 10.74 7.8%
PILOT Fee $ 65,000 $ 2.41 1.7%
Total $ 3,736,192 $ 138 100%
Bakery Garage
400 Monroe North 480 Spaces
Development Budget Totals Per Space % of Budget
SOURCES $ -
PGK Properties $ 2,893,353 $ 6,027.82 32.53%
PILOT Extension Fund $ 6,000,000 $ 27.09 67.47%
Construction Loan $ - 0.00%
TOTAL SOURCES $ 8,893,353 $ 6,054.90 100.0%
USES
Hard Costs (turn key subcontractor) $ 8,393,353 $ 17,486.15 94.4%
Operating Deficit $ 500,000 $ 1,041.67 5.6%
TOTAL USES $ 8,893,353 $ 18,527.82 100.0%
The Bakery Apartments
8/1/17
Unit Type Code # of Units Unit Mix S.F. Rent Rent /s.f. Total
Studio S1 46 16% 499 $ 848 $ 1.70 $ 39,020
Studio S1a 6 2% 499 $ 848 $ 1.70 $ 5,090
Studio S2 16 6% 535 $ 914 $ 1.71 $ 14,616
Studio S2a 16 6% 576 $ 979 $ 1.70 $ 15,660
Studio S2b 6 2% 486 $ 827 $ 1.70 $ 4,959
1 Bedroom A1 51 18% 715 $ 1,153 $ 1.61 $ 58,790
1 Bedroom A1a 49 17% 768 $ 1,218 $ 1.59 $ 59,682
1 Bedroom A3 19 7% 889 $ 1,436 $ 1.61 $ 27,275
2 Bedroom B1 12 4% 1053 $ 1,544 $ 1.47 $ 18,531
2 Bedroom B2 5 2% 1084 $ 1,610 $ 1.48 $ 8,048
2 Bedroom B2a 4 1% 1203 $ 1,762 $ 1.46 $ 7,047
2 Bedroom B3 34 12% 1094 $ 1,566 $ 1.43 $ 53,244
2 Bedroom B3a 5 2% 1155 $ 1,631 $ 1.41 $ 8,156
2 Bedroom B3b 5 2% 975 $ 1,479 $ 1.52 $ 7,395
2 Bedroom B3c 12 4% 1098 $ 1,610 $ 1.47 $ 19,314
Monthly Totals / Averages 286 100% 775 $ 1,213 $ 1.57 $ 346,826
Premium Income: View Premiums 72 @ $ 25.00 $ 1,788
Gross Monthly Rental Income $ 348,613

Vacancy 7.0% $ (24,403)
Effective Rental Revenue $ 324,210
Other Income 286 $ 55.00 $ 15,730
Monthly Effective Gross Income $ 339,940
Annual Effective Gross Income $ 4,079,281
Operating Expenses Per Unit
Controllable $ 3,763
Taxes $ 1,091
Insurance $ 275
Reserves $ 250
Operating Expenses $ 6,054 $ (1,731,436)
NET OPERATING INCOME $ 2,347,845
INVESTMENT SUMMARY
TOTAL PER UNIT PER S.F.
Land $ 1,109,483 $ 3,879 $ 5.01
Construction Cost $ 36,431,593 $ 127,383 $ 164.46
Soft Cost $ 9,815,897 $ 34,321 $ 44.31
TOTAL INVESTMENT $ 47,356,973 $ 165,584 $ 213.78
Unleveraged Yield-on-Cost 4.96%
This pro forma is preliminary and subject to change

Controllable Operating Expenses
Payroll & Ralated Income Additional Cost Totals

Position Description Hourly Rate Base Burden Bonus Annual Per Unit
1 Property Manager $ 31.25 $ 65,000 29.00% 18% $ 95,550 $ 334
1 Assistant Manager $ 22.60 $ 47,000 29.00% 18% $ 69,090 $ 242
1 Leasing Consultant $ 20.19 $ 42,000 29.00% 18% $ 61,740 $ 216
1 Maintenance Supervisor $ 27.40 $ 57,000 29.00% 18% $ 83,790 $ 293
1 Maintenance Tech $ 21.63 $ 45,000 29.00% 18% $ 66,150 $ 231
1 Porter $ 15.38 $ 32,000 29.00% 0% $ 41,280 $ 144
Subtotal Payroll $ 288,000 $ 417,600 $ 1,460
Contract Services Per Unit Annual Total

$ 500 $ 143,000
Advertising & Marketing Per Unit Annual Total

$ 350 $ 100,100
Repairs & Maintenance Per Unit Annual Total

Budget Estimate $ 150 $ 42,900
Turnover/Make-Ready
Average Turnover Rate 50%
Average Cost Per Unit $ 650
Per Unit Annual Total
$ 325 $ 92,950
Administrative Per Unit Annual Total

Estimate $ 275 $ 78,650
Net Utilities Per Unit Annual Total

Estimate $ 275 $ 78,650
Management Fee Per Unit Annual Total

3.00% Of Effective Gross Income $ 428 $ 122,378
Per Unit Annual Total

Subtotal Controllable Operating Expenses:
$ 3,763 $ 1,076,228
The Edge Neighborhood - 20 Year Operating Proforma
2.00% Growth Rate
Yr 1 Stabilization Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9
Annual Gross Income
Apartment Income $ 4,079,281 $ 4,160,867 $ 4,244,084 $ 4,328,966 $ 4,328,966 $ 4,415,545 $ 4,503,856 $ 4,593,933 $ 4,685,812
Cycle Shop Income $ 324,833 $ 331,329 $ 337,956 $ 344,715 $ 344,715 $ 351,609 $ 358,641 $ 365,814 $ 373,130
Office Income (NNN) $ 1,056,000 $ 1,077,120 $ 1,098,662 $ 1,120,636 $ 1,120,636 $ 1,143,048 $ 1,165,909 $ 1,189,228 $ 1,213,012
Garage Income $ 327,150 $ 333,693 $ 340,367 $ 347,174 $ 347,174 $ 354,118 $ 361,200 $ 368,424 $ 375,793
Annual Gross Income Total $ 5,787,264 $ 5,903,009 $ 6,021,069 $ 6,141,490 $ 6,141,490 $ 6,264,320 $ 6,389,607 $ 6,517,399 $ 6,647,747
Annual Expenses (w/PILOT)

Apartment Expenses $ (1,731,436) $ (1,766,064) $ (1,801,386) $ (1,837,414) $ (1,837,414) $ (1,874,162) $ (1,911,645) $ (1,949,878) $ (1,988,875)
Cycle Shop Expenses $ (108,384) $ (110,552) $ (112,763) $ (115,018) $ (115,018) $ (117,319) $ (119,665) $ (122,058) $ (124,500)
Office Expenses $ (128,000) $ (130,560) $ (133,171) $ (135,835) $ (135,835) $ (138,551) $ (141,322) $ (144,149) $ (147,032)
Garage Expenses $ (145,000) $ (147,900) $ (150,858) $ (153,875) $ (153,875) $ (156,953) $ (160,092) $ (163,294) $ (166,559)
Annual Expenses Total $ (2,112,820) $ (2,155,077) $ (2,198,178) $ (2,242,142) $ (2,242,142) $ (2,286,984) $ (2,332,724) $ (2,379,379) $ (2,426,966)
Net Operating Income $ 3,674,443 $ 3,747,932 $ 3,822,891 $ 3,899,349 $ 3,899,349 $ 3,977,336 $ 4,056,883 $ 4,138,020 $ 4,220,781
Debt Payments (P&I, Stabilized)

Bakery Apartments $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970)
Cycle Shop $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525)
Office $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584)
Garage Capital Lease $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711)
Project Level Cashflow $ 302,654 $ 376,142 $ 451,101 $ 527,559 $ 527,559 $ 605,546 $ 685,093 $ 766,230 $ 848,991
DSCR 1.09 1.11 1.13 1.16 1.16 1.18 1.20 1.23 1.25
Additional Tax w/o PILOT $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306
NOI w/o PILOT $ 2,734,138 $ 2,807,627 $ 2,882,585 $ 2,959,043 $ 2,959,043 $ 3,037,030 $ 3,116,577 $ 3,197,715 $ 3,280,475
Cash Flow w/o PILOT $ (637,652) $ (564,163) $ (489,205) $ (412,747) $ (412,747) $ (334,760) $ (255,213) $ (174,075) $ (91,315)
DSCR w/o PILOT 0.81 0.83 0.85 0.88 0.88 0.90 0.92 0.95 0.97
The Edge Neighborhood - 20 Year Operating Proforma
Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20
$ 4,779,528 $ 4,875,119 $ 4,972,621 $ 5,072,073 $ 5,173,515 $ 5,276,985 $ 5,382,525 $ 5,490,175 $ 5,599,979 $ 5,711,978 $ 5,826,218
$ 380,593 $ 388,205 $ 395,969 $ 403,888 $ 411,966 $ 420,206 $ 428,610 $ 437,182 $ 445,925 $ 454,844 $ 463,941
$ 1,237,272 $ 1,262,018 $ 1,287,258 $ 1,313,003 $ 1,339,263 $ 1,366,049 $ 1,393,370 $ 1,421,237 $ 1,449,662 $ 1,478,655 $ 1,508,228
$ 383,308 $ 390,975 $ 398,794 $ 406,770 $ 414,905 $ 423,203 $ 431,667 $ 440,301 $ 449,107 $ 458,089 $ 467,251
$ 6,780,702 $ 6,916,316 $ 7,054,642 $ 7,195,735 $ 7,339,650 $ 7,486,443 $ 7,636,171 $ 7,788,895 $ 7,944,673 $ 8,103,566 $ 8,265,638
$ (2,028,653) $ (2,069,226) $ (2,110,611) $ (2,152,823) $ (2,195,879) $ (2,513,721) $ (2,615,275) $ (2,667,581) $ (2,720,932) $ (2,775,351) $ (2,830,858)
$ (126,990) $ (129,529) $ (132,120) $ (134,762) $ (137,458) $ (140,207) $ (145,871) $ (148,788) $ (151,764) $ (154,800) $ (157,896)
$ (149,972) $ (152,972) $ (156,031) $ (159,152) $ (162,335) $ (165,582) $ (172,271) $ (175,717) $ (179,231) $ (182,816) $ (186,472)
$ (169,891) $ (173,288) $ (176,754) $ (180,289) $ (183,895) $ (187,573) $ (195,151) $ (199,054) $ (203,035) $ (207,096) $ (211,238)
$ (2,475,506) $ (2,525,016) $ (2,575,516) $ (2,627,026) $ (2,679,567) $ (3,007,082) $ (3,128,568) $ (3,191,140) $ (3,254,962) $ (3,320,062) $ (3,386,463)
$ 4,305,196 $ 4,391,300 $ 4,479,126 $ 4,568,709 $ 4,660,083 $ 4,753,284 $ 4,848,350 $ 4,945,317 $ 5,044,223 $ 5,145,108 $ 5,248,010
$ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970) $ (2,117,970)
$ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525) $ (188,525)
$ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584) $ (820,584)
$ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711) $ (244,711)
$ 933,406 $ 1,019,510 $ 1,107,336 $ 1,196,919 $ 1,288,293 $ 1,381,495 $ 1,476,560 $ 1,573,527 $ 1,672,434 $ 1,773,318 $ 1,876,220
1.28 1.30 1.33 1.35 1.38 1.41 1.44 1.47 1.50 1.53 1.56
$ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306 $ 940,306
$ 3,364,891 $ 3,450,994 $ 3,538,820 $ 3,628,403 $ 3,719,777 $ 3,812,979 $ 3,908,045 $ 4,005,012 $ 4,103,918 $ 4,204,802 $ 4,307,705
$ (6,899) $ 79,205 $ 167,031 $ 256,613 $ 347,987 $ 441,189 $ 536,255 $ 633,222 $ 732,128 $ 833,012 $ 935,915
1.00 1.02 1.05 1.08 1.10 1.13 1.16 1.19 1.22 1.25 1.28
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Looney Ricks Kiss
Edge District Bakery Garage Parking Survey
Table of Contents
I. Executive Summary
A. Scope of Work
B. Methodology
C. Proposal
II. Bakery Development Site
A. Study Area Recent History and Current State
B. Study Area Properties
C. Existing Inventory On Street and Off Street
III. Summary
A. Demand Analysis Summary
B. Recommendation
IV. Resources
A. Urban Land Institute: Summary of Recommended Base Parking Ratios
B. Colliers: Research & Forecast Report Memphis Office Q4 2016.
C. Memphis and Shelby County Unified Development Code

Section 7.2.1 Sports & Entertainment District Uses Table
June 19, 2017 Page 2

Looney Ricks Kiss
I. Executive Summary
A. SCOPE OF WORK
PGK Properties has proposed significant private investment in new mixed-use developments to the Edge
District. PGK further identified that these developments are only economically feasible with financial
assistance from the Downtown Parking Authority. DMC requested a survey of land uses within the Edge
District to assess existing and potential demand for parking infrastructure, and existing on-street and
off-street parking inventory.
B. METHODOLOGY
In May 2017, Looney Ricks Kiss performed a survey of properties within the vicinity of the main entrance
of the proposed garage site from Danny Thomas Parkway to The Ravine, the former Southern Railway
Right of Way that physically divides the properties along Monroe Avenue between South Lauderdale
Street and Marshall Avenue. For each property, the existing land use was identified, and highest and
best prospective use was developed in concert with PGKs Master plan for the Edge District. Three
probable land uses were identified; multifamily, office and retail / restaurant. This probable land use
information was combined with the proposed developments to establish a reasonable, financeable peak
land use for the neighborhood. Using Urban Land Institutes industry standard Recommended Base
Parking Ratios, a week-day parking demand was calculated. Urban Land Institutes Time-Of-Day factors
were applied to distribute demand throughout a typical workday to identify the peak demand time, and
to show how various land use demands interact.
C. PROPOSAL
Consistent with the Downtown Parking Authoritys mission to use public parking as a catalyst for
development and insure that there is an adequate supply of public parking to support a growing
Downtown, and also the Downtown Memphis Commissions mission of coordinating an aggressive
public / private program to promote the redevelopment and economic growth of the Central Business
Improvement District, this analysis recommends the construction of 400 access controlled public
parking spaces to support the initial parking needs for a large number of diverse public users, benefiting
low-income housing, upscale apartments, small office and retail and a large corporate tenant. This study
further recommends the construction of an additional 400-500 access controlled public parking spaces
as the Edge District development matures and brings significant and rapid growth to an area that has
seen several decades of economic decline.

Looney Ricks Kiss
II. Edge Bakery Development Site
A. STUDY AREA RECENT HISTORY AND CURRENT STATE
The Edge Bakery redevelopment is located at the intersection of Monroe Avenue and South Lauderdale
Street in Memphis, Tennessee. The Edge Bakery site is bordered to the north by the Madison Avenue
overpass of Danny Thomas Boulevard. The proposed parking garage site is located within the Edge
Bakery redevelopment site.
The Study Area for the Edge Garage includes properties within 1/10th of a mile of the main entrance of
the proposed garage site. The Study Area is adjacent to the recent developments to the east at Marshall
and Monroe Avenue, including the recently completed permanent street improvements inspired by the
MEMFix demonstration project, and the successful High Cotton Brewery development and the
legendary Sun Studio. This adjacent development is separated by the The Ravine, a former Southern
Railway Right of Way depressed to pass under Monroe Avenue.

Looney Ricks Kiss
The Study Area is adjacent, but physically separated from AutoZone Park to the west by Danny Thomas
Boulevard, which is also depressed to pass under Monroe Avenue. The Study Area is bound to the north
by Madison Avenue and its ramps to connect with Danny Thomas Boulevard. The Study Area is bound
on the south by properties on the north side of Union Avenue.
This area is historically known for the Hostess Brand factories which went out of business and closed its
184,393 square feet Wonder Bread Bakery in 2012 displacing 250 workers.
The area includes 381 Madison, which is a 118,682 square feet, 146-unit subsidized apartment complex
which caters to assisted living seniors and The Edge at 437 and 449 Monroe, a 26,102 square feet, 24-
unit condominium complex.
The blocks included in the study have the potential to grow into a large area full of gathering spaces,
tourist destinations, and a variety of commercial spaces. Considering that the area also draws its roots in
music with the famous Sun Studio just east, and across the Ravine of the Study Area, as well as the
already developing area along Marshall and Monroe Avenues, where the High Cotton Brewery is
located. The area is projected to draw plenty of foot traffic which requires a place for potential
vehicles.
The proposed garage entrance is also a close walk to the trolley stops located along Madison Avenue, a
catalyst for mass transit oriented development, which is vital for Memphis continued economic
development. The trolley linkage to downtown and the Medical District provides connectivity for visitors
to park and experience this neighborhood, and connect to Downtown attractions such as Grizzlies,
Tigers and Red Birds Games, the series of festivals, or even a night on the town. The trolley also creates
connection for visitors and tourists, such as Central Station AMTRAC or Beal Street Landing Riverboats
access to this neighborhoods attractions and activities.
The Ravine, located just East of the Parking Garage, has the potential to become a shaded, active
neighborhood outdoor amenity. The Ravine will be an urban park, reclaimed from a former railroad
right of way. The Ravine development will likely include vendors for those who frequent the park, and
an overall green space for pedestrians enjoy what the Edge District has to offer.
The Study Area west of South Lauderdale Street is zoned as Sports and Entertainment (SE) District,
within the larger South Central Business Improvement District (SCIBD). The SE district is intended to
permit a mixture of uses and activities that complement the sports and entertainment facilities that are
in this area.

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Looney Ricks Kiss
6 16 Monroe Ave is a 29,800 square feet warehouse that is part of Holliday Florists at 442
Monroe Ave. The warehouse was built in 1915.
7 430 Monroe Ave is a 24,141 square feet warehouse built in 1910. The property was last sold in
2013, and the exterior has been renovated. It is currently a private warehouse.
8 Holliday Florists at 442 Monroe Ave is a 12,100 square feet office building and warehouse. Built
in 1915, this property was renovated in 2014 into a successful floral delivery business and
distribution warehouse.
9 U-Haul Moving and Storage 370 Union Avenue is 9,606 square feet, retail store and 7,665
square feet self-storage building. Built in 1938, this property is fenced off from Monroe Avenue.
10 IBC Parking Lot 0 Monroe is a 17,424 square feet enclosed parking lot for the workers of the
Wonder Bread Factory which closed in 2012. This parking lot does not have an address
according to the Shelby County Assessor of Property and the Shelby County Register of Deeds
11 Made in Memphis Entertainment Lot 0 Monroe is an 8,712 square feet vacant lot, owned by
Made in Memphis Entertainment at 400 Union Avenue as a future expansion area for
operations. This vacant lot does not have an address according to the Shelby County Assessor of
Property and the Shelby County Register of Deeds
12 McGown Woodwork 405 Monroe Avenue is an 11,816 square feet auto service garage
structure. Built in 1950, this property was repurposed and renovated into a woodworking shop
and boutique by William McGown in 2000.
13 A. S. Martin & Sons Automotive Body Shop and lot at 407 & 411 Monroe closed their business
and this property has been vacant since March 2015. 407 Monroe Ave was built in 1952, and
includes a 3,132 square feet office building and 6,500 square feet paved parking area.
14 411 Monroe was built in 1925 and includes a 13,910 square feet former automotive repair shop
for A. S. Martin & Sons.
15 413 Monroe Avenue is a 13,776 square feet warehouse built in 1918. It is the site of the former
Memphis Vintage Motors business and has been converted to a private residence.
16 Memphis Cycle & Supply Company at 421 Monroe Ave is a 29,112 square feet warehouse and
12,225 square feet vacant lot built in 1917. This business closed in 2015 and the building has
been vacant since.
17 The Edge at 437 and 449 Monroe together comprise 26,102 square feet, 24-unit condominium
complex. The buildings were built in 2008 and include gated private parking for residents and
guests.
18 400 Union Ave is the recently renovated 16,525 square feet offices and studio of Made In
Memphis Entertainment. Built in 1951 and renovated in 2017. This business owns a vacant lot
on Monroe Ave.
19 426 Union Ave was a 1,015 square feet gas station that was converted to an Enterprise Car
rental office and lot. Built in 1952, the building and site is being demolished in 2017 to make
way for a new building and lot.
20 Desoto Collision Center, an auto body repair shop at 440 Union Ave is 10,860 square feet
building constructed in 1979.

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Looney Ricks Kiss
i. EXISTING PARKING RATES
a. Currently there are no public parking lots or controlled on street parking spaces. The on-
street parking is uncontrolled and users are not required to pay or respect any time limit
on use.
ii. OCCUPANCY AT PEAK
Off-Street
Off-street parking spaces are designated for residents, tenants, and customers of the
residences and retail businesses in the Study Area. These off-street spaces are highly
utilized and consequently used for the active businesses. Additionally, there are two off-
street parking lots serving the Hostess Bakery that are not in use, and access is blocked.
On-Street
There is no on-street parking on Union Avenue, Danny Thomas Boulevard or South
Lauderdale. The nine on street parking spaces in front of the three buildings at 427, 433
and 435 Madison are partially used by visitors to the buildings.
The on-street parking on Monroe Avenue between Danny Thomas Boulevard and South
Lauderdale Street is sparsely used. However, east of South Lauderdale the usage
increases towards the east. This appears to be High Cotton Brewery employees and
visitors and patrons of the businesses in this area and east.
On-street parking will need to be managed in the future as the area transforms with
new business and residential units. Residents and business employees will have early
access to these spaces and they will fill up quickly if they are not controlled, preventing
public use.

Looney Ricks Kiss
II. Summary
A. DEMAND ANALYSIS SUMMARY
Based on canvasing the survey site, gathering public information and interviewing property owners, we
calculate the following parking demand for the survey area.
477 Residential Units

157,351 Office SF
34,500 Retail SF
Peak Parking Demand Summary Typical Weekday Peak Hour

Time of Day 6AM 8AM Noon 3PM 6PM Midnight
Total Potential Demand 642 1,021 1,073 1,111 953 723
Peak Hour
(3pm)
Existing Daily Parking Parking
Key Address Name Owner Use Proposed Use Demand Demand
Madison 147 Existing
1 381 Madison GMF Multifamily 171 119
Tower Apartment Units
Bakery Vacant 255 Apartment
2A 400 Monroe PGK 383 268
Apartments Factory Units
Bakery Office Vacant 60,000 SF Office
2B 400 Monroe PGK 189 189
Tenant Factory Tenant
Bakery West Vacant 15,000 Grocer or
2C 400 Monroe PGK 229 172
End Factory Similar
Corner 2 Apartment
3 427 Madison Roberts Multifamily 3 2
Apartments Units
Pritchard Vacant 4210 SF Office
4 433 Madison Manus 13 13
Plumbing Office Tenant
Vacant 35,000 SF Office,
5 435 Madison Glass Factory PGK 47 47
Office Warehouse
Holliday 29800 SF
6 16 Monroe Long Warehouse 0* 0*
Florist Warehouse
Godwin Vacant 24,000 SF Office
7 430 Monroe Godwin 76 76
Warehouse Warehouse Tenant(s)
Holliday 12100 Office and
8 442 Monroe Long Warehouse 6 6
Florist Warehouse
9,606 SF Retail,
Retail &
9 370 Union U-Haul UHAUL 7,655 SF 18 18
Warehouse
Warehouse
Bakery Guest 48 Future
10 & 11 0 Monroe PGK Multifamily 72 50
House Apartment Units
McGown 11816 SF
12 405 Monroe McGown Business 3 3
Carpentry Carpentry Shop
June 19, 2017 Page 10

Looney Ricks Kiss
17,000 SF Office
13 &14 411 Monroe 411 Monroe PGK Vacant 46 46
Tenant(s)
Hatcher
15 413 Monroe Hatcher Private Private Residence 0* 0*
Residence
Cycle Shop Vacant 24,000 SF Office
16A 421 Monroe PGK 58 58
Office Warehouse Tenant(s)
Cycle Shop Vacant 3,000 SF Coffee
16B 421 Monroe PGK 42 31
Retail Warehouse Shop
437 & 449 The Edge 24
17 Condos Multifamily 0* 0*
Monroe Apartments Condominiums
16,525 SF Office
Made In Office &
18 400 Union MIME and Recording 0* 0*
Memphis Warehouse
Studios
Enterprise 2500 SF Car
19 426 Union EAN Business 0* 0*
Rental Rental Depot
Desoto 10,860 SF Auto
20 440 Union Lamb Business 12 12
Collision Repair
Total Parking Demand 1,367 1,111
* These businesses, private residences and condos provide on premise parking for customers, employees, company,
resident and guest vehicles and are not included in the Demand Survey. Holliday Florist Key 6 requirements are
included in Holliday Florist Key 8.
It is apparent that future development will spur parking demand to exceed supply without additional parking
development. Colliers International Memphis Office Market Report for the 4th Quarter of 2016 indicates that
Downtown (CBD) has a total office vacancy rate of 13.1%, down from 13.5% in the 3rd Quarter. This is indicative of
increasing demand. The Colliers report does not break down the class segments for Midtown, but it is apparent
from the total that Midtown is also experiencing increasing demand, and there is less total vacancy than
Downtown. The Marketing Report also notes that Interest in the Midtown submarket is at its highest in recent
history with opening of Crosstown Concourse in May 2017
Total Vacancy % Downtown (CBD) Midtown

Q4 16 Q3 16 Q4 16 Q1 16
Class A 18.5% 20.0%
Class B 8.3% 8.1%
Class C 11.9% 11.9%
Total 13.1% 13.5% 12.7% 12.9%
We are not able to predict occupancy rates for the proposed and potential residential, retail and office space, or
the timeframe required for demand to exceed current parring supply. It is apparent that the completion of the
250-unit Bakery Apartments will exceed the total public supply of 133 on street parking spaces. This clearly
presents a development opportunity to build parking spaces to meet demand that will be created by the
development of residential, retail and offices within the survey site.
June 19, 2017 Page 11

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+87h=7+)'87%9')4%+823K$)'87%"-)$%8R%)4$%!"#$%,-.$*/%U3-*)2$7)(Q%&$>$K832$7)%8R%8)4$*%3*83$*)'$(%'7%)4$%<)="/%
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Looney Ricks Kiss
III. RESOURCES
Source:
Smith, M.S. (2005) Shared Parking Second Edition. Washington, DC, ULI The Urban Land Institute and
the International Council of Shopping Centers
June 19, 2017 Page 13

Looney Ricks Kiss
Source:
Browndyke, L. (2016, march). Research & Forecast Report Memphis Office Q4 2016. Retrieved from:
http://www.colliers.com/-/media/files/united%20states/markets/memphis/q42016-
memphisoffice-marketreport.pdf
June 19, 2017 Page 14

Looney Ricks Kiss
Section 7.2.1
Sports and Entertainment (SE) District
Permitted Uses Additional Uses Permitted Special Use Permit
Single Family Detached Dwellings Retail Sales Hotel, Bed and Breakfast
Single Family Attached Dwellings Retail Shop, Other Retail Sales, Outdoor
Duplex Dwellings Parking Garage
Townhouse Dwellings School, public or private
Multiple Family Dwellings Amusements, commercial indoor
Accessory Dwelling Unit Art or Photo Studio or Gallery
Barber or Beauty Shop
Bank
Financial Services
Used Goods, Second Hand Sales
(Pawn Shops Not Included)
Personal Service Establishment
(Does Not Include Adult
Entertainment)
Offices
Music or Dancing Academy
Bakery, retail
Department or Discount Store
Public Building
Park
Museum
Restaurant, with or without Sales
of Alcoholic Beverages
Catering Establishment
Tavern, Cocktail Lounge or Night
Club
Processing and manufacturing
incidental to retail establishment
Group Day Care Home
Child Care Center
Nursery School
Printing and Publishing
June 19, 2017 Page 15

Looney Ricks Kiss
Radio or TV Studio
Flower or Plant Store
College or University
Sports Facility
Church
Health Club
Philanthropic Institution
Source:
Shelby County Government, (2010). The Memphis and Shelby County Unified Development Code.
Retrieved from:
https://shelbycountytn.gov/DocumentCenter/View/27740
June 19, 2017 Page 16

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175 Toyota Plaza Suite 500 Memphis, TN 38103 T 901 521 1440 F 901 525 2760 www.LRK.com 01.16101.00 2013 LRK Inc. All Rights Reserved.
Looney Ricks Kiss

02/28/17
EXTERIOR PERSPECTIVE
435 Madison BHN HQ

435 Madison, Memphis, TN 38103
Looney Ricks Kiss

S LAUDER
DALE ST
02/28/17
SITE PLAN
435 Madison BHN HQ

MA
DI
SO
N
AV
E
0"
16'
32'
64'
E2.2
1
LOADING ZONE
E2.1
1
0" 8' 16' 32'
COLUMN LOCATED IN WALLS ARE INTERPOLATED

AND SHOULD BE CONFIRMED AFTER DEMOLITION
FLOOR PLAN - LEVEL 01
435 Madison BHN HQ

Looney Ricks Kiss
02/28/17
E2.2
1
E2.1
1
0" 8' 16' 32'

FLOOR PLAN - LEVEL 02
435 Madison BHN HQ

Looney Ricks Kiss
02/28/17
E2.2
1
BASEMENT PUMP COAL CHUTE
COMMERCIAL ELEVATOR
UP
E2.1
1
0" 8' 16' 32'

BASEMENT
435 Madison BHN HQ

Looney Ricks Kiss
02/28/17
1
E2.1
LEVEL 03
+26' - 0"
LEVEL 02
+13' - 6"
LEVEL 01
+0' - 0"
LEVEL BASE
-12' - 0"
0" 8' 16' 32'

TRANSVERSE SECTION
435 Madison BHN HQ

Looney Ricks Kiss
02/28/17
1
E2.2
ROOF
+38' - 4"
LEVEL 03
+26' - 0"
LEVEL 02
+13' - 6"
LEVEL 01
+0' - 0"
LEVEL BASE
-12' - 0"
0" 8' 16' 32'

LONGITUDINAL SECTION
435 Madison BHN HQ

Looney Ricks Kiss
02/28/17
Looney Ricks Kiss

02/28/17
INTERIOR PERSPECTIVE
435 Madison BHN HQ

2017 LRK Inc. All Rights Reserved.
175 Toyota Plaza Suite 500 Memphis, TN 38103 T 901 521 1440 F 901 525 2760 www.LRK.com 01.16099
MO
NRO
EA
VE
0" 16' 32' 64'

UPPER LEVEL
407 & 411 MONROE AVE.

Looney Ricks Kiss
MEMPHIS, TN, 38103
03/13/17
Looney Ricks Kiss

02/28/17
EXTERIOR PERSPECTIVE
411 EDGE DISTRICT

411 Monroe Avenue, Memphis, TN 38103
E2.2
1
W.C. W.C.
FIRE PUMP RM
CAR SERVICE PIT

E2.1
1
CONCRETE PAD
0" 8' 16' 32'

FLOOR PLAN - LEVEL 01 AND SHOULD BE CONFIRMED AFTER DEMOLITION
411 EDGE DISTRICT

Looney Ricks Kiss
02/28/17
E2.2
1
RAISED FLOOR
E2.1
1
FIRE EXIT
0" 8' 16' 32'

FLOOR PLAN - LEVEL 02 AND SHOULD BE CONFIRMED AFTER DEMOLITION
411 EDGE DISTRICT

Looney Ricks Kiss
02/28/17
1
E2.2
ROOF
+26' - 6"
LEVEL 2A
+16' - 10"
LEVEL 02
+13' - 10"
LEVEL 01
+0' - 0"
0" 8' 16' 32'

LONGITUDINAL SECTION AND SHOULD BE CONFIRMED AFTER DEMOLITION
411 EDGE DISTRICT

Looney Ricks Kiss
02/28/17
Looney Ricks Kiss

02/28/17
411 EDGE DISTRICT

Looney Ricks Kiss

02/28/17
407 EDGE DISTRICT

July 21, 2017
Mr. Gary White, AIA

LRK Architects, Inc.
175 Toyota Plaza, Suite 500
Memphis, TN 38103
Re: Wonder Bread Factory

400 Monroe Ave
Memphis, TN
Dear Gary:
Based on my review of the aforementioned building, it is my opinion that the building is

structural sound and in sufficient condition to undergo a renovation.
If you have any questions, please feel free to call.
Sincerely:
Chad E. Stewart, P.E.

President
Chad Stewart & Associates, Inc. 9700 Village Circle. Suite 300, Lakeland, TN 38002
Phone (901)2607850
Memphis Nashville Knoxville
!
July 27, 2017
Mr. Ethan Knight

Development Services Group, Inc.
40 South Main Street, Suite 2200
Memphis, TN 38103
RE: Former Wonder Bread Facility

400 Monroe Avenue, Memphis, TN
Dear Mr. Knight,
Below is our environmental synopsis of the above-referenced property.
The property addressed as 400 Monroe Avenue in Memphis, Tennessee operated as a

commercial bakery from as early as 1907 until 2013. In the approximately 100 years of operation,
the facility grew from a small bakery alongside automotive industries on the parcel to a large
manufacturing bakery with paved surfaces covering the parcel. Throughout the years, eight
different underground storage tanks were utilized for storage of gasoline, diesel and heating oil.
Various leaks were reported over the years and all tanks have since been properly closed. The
facility utilized heavy production equipment, chemical storage, and a freight elevator which all
would have had the potential to contaminate the property.
Environmental assessments were performed at the property in 2015 looking for evidence of
contamination that may have occurred from the historical land use. No target analytes were
identified above the established regulatory screening levels in soil or groundwater samples and
no further investigation was recommended. The re-use of this property will likely require the
abatement of asbestos-containing materials, but remediation of the soil or groundwater is not
anticipated.
If this property continues to be utilized for industrial purposes, compliance with environmental
regulations addressing air, stormwater, wastewater, and hazardous materials will likely be
necessary. Petroleum and / or hazardous materials may be utilized on-site. However, if the
property is repurposed for commercial and multi-family residential use, the environmental risks
associated with the property will be significantly reduced. Typically, only minimal amounts of
petroleum or chemicals are stored at non-industrial properties for maintenance purposes and
there will be no regulated waste streams discharging to the air, stormwater, or wastewater.
Additionally, the transition of the property from industrial to commercial and multi-family use will
allow for the inclusion of greenspace and improved site permeability. The site is currently 100%
covered with buildings or paving and the conceptual site plan includes greenspace on
approximately 14% of the property with tree plantings along the street frontage. This will allow
rainwater to infiltrate back into the ground and reduce pollution from stormwater runoff.
!!
Former Wonder Bread Facility
Environmental Synopsis
July 27, 2017
The project proposes to utilize approximately half of the existing bakery building for commercial
tenants. Utilizing this existing structure, minimizing demolition trash, and retrofitting the building
for energy efficiency will minimize the construction impact on the environment. The remainder of
the property will host a five-story apartment building and parking garage. This high-density, mixed
usage and location of the site will promote walking, biking, and the use of public transit. The
property is located adjacent to an existing trolley stop on Madison Avenue and bus route along
Monroe Avenue. Additionally, redeveloping this property within the City of Memphis precludes
the need for new infrastructure.
The developers are committed to ensuring a thoughtful and green project and will pursue LEED
certification of the project. This process will encourage efficiency of resources and inventive re-
use of the property.
Sincerely,
TIOGA ENVIRONMENTAL CONSULTANTS, INC.
Larkin Myers, PE
Vice President
July 24, 2017
Center City Revenue Finance Corporation

114 North Main Street
Memphis, TN 38103
RE: Memphis Cycle Shop

Structural Letter for Building Occupancy
421 Monroe Avenue
Memphis, TN 38103
A2H # 17118
To Whom It May Concern,
A2H, Inc. has completed a limited Structural Condition Assessment Report dated March 3, 2017 for the
commercial property at the 421 Monroe in Memphis, TN for the benefit of PGK Properties, LLC. The project scope
was designed and executed to provide a general walk-through survey and report of conditions of the existing
building as it is related to the general structural condition of the structure.
The building as observed is a serviceable building for the intended business occupancy in its current
condition. The building structure which was accessible at the time of this assessment appeared to be in good
condition. There were no visible signs of distress or settlement observed in the concrete structure.
The written report does detail areas of the building that require, in the opinion of A2H, structural repair attention or
maintenance during the renovation. The findings in the report indicate that the concrete structure appears to be in
relatively good condition. There are deteriorated areas that are recommended for repair. Most of the deterioration
in the concrete is due to water and moisture infiltration. Cladding issues are also largely due to water infiltration in
combination with apparent swelling of the brick over time. Because of this, repairs to the building envelope to
provide water tightness are recommended. The recommended repairs in the report were to provide stability to the
structure and cladding and provide a stable and safe structure for the interior build-out and faade improvements.
A2H has provided architectural and structural engineering services for the completed construction documents for
the renovation of the Memphis Cycle Shop. The repair items in need of attention in the report do not pose a health
or safety hazard to occupants of the building if repairs are addressed during the construction. In my professional
opinion, the above-noted building may be occupied upon completion of the renovation construction without
compromising the health or safety of occupants.
Sincerely,
A2H, Inc.
Logan E. Meeks, PE
Partner President
THE CHISCA APARTMENTS
MEMPHIS, TENNESSEE
COMPLETED Located in the heart of the South Main Arts District in downtown Mem-
phis, the Chisca has 161 apartments, garage and surface parking, and 2 featured restau-
rants, Lyfe Kitchen and Catherine and Mary! s. Originally built in 1913 as a hotel and later
expanded with a 1961 motor court hotel addition, the Chisca shut down in the 1980s and
became a blighted eyesore along the otherwise vibrant Main Street. When city officials
sought to demolish the property in 2011, DSG acquired and redeveloped the Chisca, sav-
ing a unique piece of Memphis history.
DEVELOPMENT BUDGET: $28 Million
AFTER
BEFORE
THE CHISCA APARTMENTS

LE MERIDIEN PHILADELPHIA
PHILADELPHIA, PENNSYLVANIA
COMPLETED Originally built as a YMCA in 1912 and converted into

an office building in the 1970s. Building was vacant and lender owned
due to its functional obsolescence as an office building. DSG acquired
the building in 2007 and converted it into an award winning 4 star Le
Meridien Hotel. A 202-room hotel with historic grand ballroom, award-
winning lobby bar, French bistro, paneled library, business center, fit-
ness center; Starwood Hotels Renovation of the Year for 2010.
Won Numerous National and Regional Awards
Has performed well above REVPAR index competitive set
LE MERIDIEN REDEVELOPMENT AWARDS:
Pennsylvania Historic Preservation Award for Adaptive Reuse by

Preservation Pennsylvania
Gold Key Award Finalist for Best Restaurant/Bar Design by International

Hotel Motel and Restaurant Association
Hotel Conversion Project of the Year by Starwood Hotels and Resorts

BEFORE AFTER
LE MERIDIEN PHILADELPHIA
LE MERIDIEN TAMPA
TAMPA, FLORIDA
COMPLETED DSG won a nationwide, competitive RFP

to convert the Old Federal Courthouse in downtown
Tampa into a 130 room Starwood Le Meridien
hotel. DSG converted the " Old Federal Courthouse,"
originally built in 1905, into an upscale, nationally
branded boutique hotel, located in downtown Tampa,
Hillsborough County, Florida. The hotel contains 130
guest rooms, 4,000 square feet of flexible meeting
space, a full-service signature restaurant, lounge, lap
pool, exercise room, and business center.
LE MERIDIEN REDEVELOPMENT AWARDS:
2014 Florida AIA Award for Design Excellence
Historic Hotels of America 2014 Inductee

LE MERIDIEN TAMPA
BEFORE
LE MERIDIEN HOUSTON
HOUSTON, TEXAS
COMPLETED DSG converted the 21-story, long vacant

Melrose Building into a 4 star Le Meridien Hotel in the
heart of downtown Houston, Texas. The hotel features
255 guest rooms, a signature restaurant, meeting space,
and a rooftop bar. The project features an extensive list
of amenities and first-rate finishes indicative of a full
service hotel, including a state of the art reception /
lobby along with onsite concierge services, a rooftop bar
that opens to an outdoor sundeck, as well as a rooftop
viewing area. There will be approximately 8,000 square
feet of meeting space, including a penthouse ballroom,
ballroom pre-function area, and business meeting
rooms.

LE MERIDIEN HOUSTON
AFTER
ONE COMMERCE SQUARE
OFFICE TOWER REVITALIZATION
MEMPHIS, TENNESSEE
COMPLETED As an investor and principal, DSG

facilitated the acquisition and managed the renovation
of the Memphis landmark. DSG revitalized the former
low-occupancy, lender held 465,000-square-foot
building; updated all major systems and created the
city! s first LEED-certified downtown office tower. More
significantly, DSG led successful negotiations to secure
a new long-term anchor tenant. As a result, occupancy
has more than doubled, topping 80%.
HONORS FOR THE REVITALIZATION OF ONE COMMERCE

SQUARE INCLUDE:
2011 Vision Award by Memphis Center City Commission
THE COLUMNS AT ONE COMMERCE:
HISTORIC BANK LOBBY, NOW EVENT SPACE, CONNECTED TO OFFICE TOWER
SWHR Current Cycle Apartment Developments
2012 - Present
Completion Development
Property Name Location Product Units Cost/Unit Status
Date Costs
Q2 2014 Grove at Shadow Green Franklin, TN Garden 196 $ 26,250,000 $ 134,000 Sold
Q3 2014 City View Nashville, TN Podium 101 $ 23,000,000 $ 228,000 Fee Dev.
Q4 2014 Flats at Taylor Place Nashville, TN Wrap 282 $ 49,500,000 $ 176,000 Sold
Q4 2014 Gateway at South Orange South Orange, NJ Podium 57 $ 22,250,000 $ 390,000 Sold
Q4 2014 Grove at Morrison Plantation Mooresville, NC Garden 281 $ 35,000,000 $ 125,000 Sold
Q4 2015 Terra House Nashville, TN Wrap 194 $ 35,600,000 $ 184,000 Stabilized
Q4 2016 Greenhaven at Shadow Green Franklin, TN Garden 222 $ 39,200,000 $ 177,000 Lease-Up
Q2 2017 River House Nashville, TN Podium 247 $ 49,000,000 $ 198,000 Construction
Q2 2018 North & Line Atlanta, GA Podium 228 $ 69,000,000 $ 303,000 Construction
Q3 2019 Grove at Carolina Park Mt. Pleasant, SC Garden 280 $ 52,500,000 $ 188,000 Site Work
10 Developments 2,088 $ 401,300,000 $ 192,000

Bakery PILOT Application - FINAL 08.01.2017

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Existing Lauderdale at Monroe

Relevant Development Experience

MONROE & LAUDERDALE RENDERING

MADISON & LAUDERDALE RENDERING

! The Bakery Site - 400 Monroe Ave.

% Glass Factory - 435 Madison Ave.

PILOT MASTER PLAN 1

H.73 '( )*+ '(

'( '(+ '(

-AC<;=> -AC<B;> -A;<;=>

BUILDING PLAN - LEVEL 1 4

BUILDING PLAN - LEVEL 1.5 5

,>>7898?; & &

BUILDING PLAN - TYPICAL 2-5 6

SCALE 1/8 = 1-0

Estimated Annual Benefit $940,306

Estimated Cumulative Benefit over 20-Year PILOT $18,806,113

Estimated Cumulative Increase in Taxes due to PILOT $6,268,704

USES 601342 gsf

Square Footage Totals GSF

Uses 75000 sf 36000 sf 17000 sf 128000 sf

Premium Income: View Premiums 72 @ $ 25.00 $ 1,788

Gross Monthly Rental Income $ 348,613

NET OPERATING INCOME $ 2,347,845

Unleveraged Yield-on-Cost 4.96%

This pro forma is preliminary and subject to change

Payroll & Ralated Income Additional Cost Totals

Contract Services Per Unit Annual Total

Advertising & Marketing Per Unit Annual Total

Repairs & Maintenance Per Unit Annual Total

Administrative Per Unit Annual Total

Net Utilities Per Unit Annual Total

Management Fee Per Unit Annual Total

Per Unit Annual Total

Annual Expenses (w/PILOT)

Debt Payments (P&I, Stabilized)

II. Bakery Development Site

A. Study Area Recent History and Current State

B. Study Area Properties

C. Existing Inventory On Street and Off Street

A. Demand Analysis Summary

A. Urban Land Institute: Summary of Recommended Base Parking Ratios

B. Colliers: Research & Forecast Report Memphis Office Q4 2016.

C. Memphis and Shelby County Unified Development Code

June 19, 2017 Page 2

June 19, 2017 Page 3

II. Edge Bakery Development Site

A. STUDY AREA RECENT HISTORY AND CURRENT STATE

June 19, 2017 Page 4

June 19, 2017 Page 5

June 19, 2017 Page 7

"#$! 89:#! ;<=>)'! ?#&+()'+#@! A,+9>!

i. EXISTING PARKING RATES

ii. OCCUPANCY AT PEAK

June 19, 2017 Page 9

A. DEMAND ANALYSIS SUMMARY

477 Residential Units

Peak Parking Demand Summary Typical Weekday Peak Hour

June 19, 2017 Page 10

Total Parking Demand 1,367 1,111

Total Vacancy % Downtown (CBD) Midtown

June 19, 2017 Page 11

June 19, 2017 Page 13