The Economic Development Growth Engine (EDGE) Board recently approved a Fast Track PILOT request, and the EDGE Economic Development Finance Committee also approved two Inner City Economic Development (ICED) Loans to small business owners. These items advance projects aimed at driving investment and job growth in Memphis.
LifeScience Logistics received a 10-year Fast Track PILOT from the EDGE board for a 625,000-square-foot facility at 5200 Tradeport. Funds will allow LifeScience to offset costs and lower the cost of occupancy of the facility, helping the company fund hiring and training of new employees and the anticipated capital investments. The project will create 101 new jobs with an average base salary of $61,850 throughout the next two years. EDGE and the Tennessee Department of Economic and Community Development (TNECD) worked directly with Cushman & Wakefield to offer these incentives.
The Economic Development Finance Committee also met and approved two ICED Loans. Through small forgivable loans of up to $25,000, the program has invested approximately $9 million in Memphis neighborhoods.
Parkes Stewart and Stacey Johnson, co-owners of Gentleman’s Retreat, received a $25,000 ICED Loan to help with a variety of building interior and streetscape improvements at 376 N. Cleveland St. The business is a premium spa and grooming destination tailored exclusively for men, offering a luxurious and personalized experience. It combines the soothing ambiance of a spa with the sharp precision of a barbershop. Improvements will allow for 10 new employees once complete.
Millennium Media Label, a Memphis-based video production company currently developing an 18,000 sq. ft. creative studio and event facility also received a $25,000 ICED Loan. Owner Jason Thibodeaux will use the funds to make critical exterior improvements, including new siding, exterior lighting, and electrical infrastructure to power those upgrades. These visible improvements will enhance the building’s street presence, contribute to neighborhood revitalization, and signal the space as an active, welcoming hub for creativity and collaboration.