Loeb: Tax incentive would make Overton Square hotel 'feasible'

A new, boutique hotel of 100 rooms and parking structure of an estimated 235 spaces will rise in Overton Square, but only if the project is made feasible with a tax incentive.

That's part of the message Overton Square owner Loeb Properties will take to the Economic Development Growth Engine ) board on Wednesday in seeking a "Community Builder" payment in lieu of taxes. The 15 years of tax breaks would cut the project cost by $6.1 million.

The idea is to round out Overton Square's position as an entertainment and theater district, providing a convenient place to stay for out-of-towners who come for a weekend of dining and performances at Playhouse on the Square, Hattiloo Theatre and the new Ballet Memphis headquarters.

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