memphis-parks-resolution-accelerate-memphis-bond-interest-reallocation-jun-20-2024_309.pdf
Hotel Ground Lease Approved for Capstone Development
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Description
City of Memphis approves a 30-year ground lease with Capstone Development, LLC for a 150-room hotel at The District @ Liberty Park. The lease includes four 10-year renewal options and a minimum rent of $34,958.31 per year, increasing by 4% every five years.
Contract Details
Contract Amount
$34,958.31/year
Vendor
CAPSTONE DEVELOPMENT
Agency
Memphis village, NE
Contract Type
Ground Lease
Document Date
June 20, 2024
Contract Term
30 years + 4x10 year options
Renewal Date
NA
Renewal Info
NA
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