Nike Inc. is seeking a 15-year PILOT to expand its North Memphis operations in a move that would mean 250 new jobs, retaining 1,662 jobs and investing $301 million.
The Economic Development Growth Engine for Memphis & Shelby County board will meet Oct. 17 at the Memphis Bioworks Foundation to hear the company?s application.
The Beaverton, Ore.-based sporting goods manufacturer is looking to expand its Northridge facility by 1.8 million feet. The building at 3100 New Frayser Blvd. is currently 1.1 million square feet.
Memphis Business Journal first reported in its print edition Friday that Nike was expanding its North Memphis operations.
Nike (NYSE: NKE) will also upgrade its 1.3 million-square-foot facility at 5151 Shelby Drive.
Nike will end its lease at 8400 Winchester Road and transition those employees to Shelby Drive. The Winchester facility is 812,697 feet and handles returned merchandise.
Nike is choosing Memphis for its expansion over Beaverton and North Mississippi, according to an EDGE release.
The 250 new jobs will earn $35,000 on average and increase Nike?s total local employment to 1,912.
If approved, the PILOT would abate $57.8 million in annual taxes on average, but would add $105.3 million in total new tax revenue, according to EDGE.
This story will be updated throughout the day.
Andy Ashby covers commercial real estate; transportation and logistics; construction; and Downtown Memphis. Contact him at aashby@bizjournals.com.
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Source: http://feeds.bizjournals.com/~r/bizj_memphis/~3/NqWSgbC7d_A/nike-to-invest-301-million-in.html
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