Mississippi bank plans $16M Memphis metro HQ

Memphis Business Journal
Meagan Nichols

A Tupelo-based bank has plans to build a regional HQ for its Memphis metro operations at Poplar and I-240.

Renasant Bank is seeking a nine-year Jobs PILOT (payment-in-lieu-of-taxes) from the Economic Development Growth Engine (EDGE) for Memphis & Shelby County. The bank plans to construct a new, three-story, 45,000-square-foot office at 5575 Poplar Ave. located on a 2.7-acre lot owned by Yorkshire Properties LP/Loeb Properties.

Renasant will have a ground lease with the owners. Once the building is constructed, Renasant plans to occupy 30,000 square feet of it and lease out the extra space, which could also be used for future growth. Grinder, Taber & Grinder Inc. is the contractor on the project and LRK is the architect.

Loeb confirmed in October 2018 its plans to demolish the existing buildings at the busy East Memphis corner for new development. At the time, the company simply said it was working with a "lead candidate."

As part of the expansion, Renasant intends to create 15 new jobs, with an annual average wage of more than $93,000. The total capital investment of the project would be nearly $16 million. If approved, the total tax incentive to Renasant would be about $1.7 million over the term of the PILOT with local tax revenues of nearly $1.4 million.

The Jobs PILOT Term Sheet from EDGE states:

“As Renasant expands its operations, it is seeking a location for its regional headquarters. The applicant would like to consolidate 62 existing area employees, add 15 new positions, and create a Metro Memphis operation that includes community and commercial banking, mortgage services, private client and capital advisors, and treasury management in one building. Additionally, Renasant would like to secure space for additional future corporate growth.”

The Renasant Jobs PILOT will be voted on Wednesday, Sept. 18, during the EDGE board meeting at the Better Business Bureau. The meeting is set to start at 3 p.m.