657 Highland St Memphis, TN 38111

This exceptional 1.37-acre commercial and residential land parcel presents a rare infill development opportunity in Memphis, Tennessee. Located at 657 S Highland St, in Shelby County, zip code 38111 (35.1137572, -89.9462249), this strategically positioned site enjoys proximity to the University of Memphis campus. The property benefits from its location adjacent to Phase II of a $21 million streetscape improvement project, enhancing its appeal and future value. This site is eligible for a PILOT (Payment In Lieu Of Taxes) tax abatement program, offering significant financial advantages to developers. Furthermore, its location within an Opportunity Zone provides additional tax benefits under the federal Opportunity Zone program. A proposed development concept envisions an 89-unit multifamily building with a mix of studio, one-bedroom, and two-bedroom apartments, averaging 623 square feet per unit. The plan includes secured parking with gated access and a comprehensive amenity package. The property's high barrier to entry and unique location make it an attractive investment for developers seeking a high-return project in a thriving urban area. The price will be determined by market conditions.