PMT Investments LLC, a newly formed business partnership between Aaron Petree, Cliff McLemore and Ed Thomas III, is seeking an 11-year tax abatement to construct a 16-unit apartment building on the periphery of Overton Square.
Dubbed The Flats at Overton Square, the 11,000-square-foot building is slated to fill in a vacant lot on Diana Street near its intersection with Monroe Avenue, and carries a $1.9 million price tag.
The development will include four “live/work” units on the bottom floor and 12 traditional housing units upstairs ranging from 500 to 915 square feet.
The development team consists of architect Arch Inc., engineers McCaskill & Associates, Fowler Engineering and Innovative Engineering Services, and general contractor CBI Construction Co.
Though PMT is an independent venture consisting of Loeb Properties’ Petree, CBI Construction’s McLemore, and Colliers International’s Thomas, the group is partnering with Loeb to use the Overton Square brand.