Memphis VA Medical Center
1030 Jefferson Avenue
Memphis, TN 38104
Phone: (901) 577-7300
On any given day, VA employee parking at the Memphis VAMC is filled and overflows onto nearby streets. All VA property that is currently available for parking is being utilized to capacity. The challenge is to improve patient parking, while doing so with current space. The only remaining opportunity to meet this need is to grow vertically and make use the available air space over the existing surface parking in a location that can provide an acceptable footprint for a parking deck or multi-story parking garage.
To address the parking shortage, the VA has identified two separate Enhanced-Use Lease (EUL) opportunities of certain property at the Memphis Veterans Affairs Medical Center (VAMC), in Memphis, Tennessee.
Opportunity one: VA wishes to enter into a long-term lease with a private developer of two small parcels of land (comprising approximately 0.43 and 0.69 acres respectively) and Building 8 (i.e., a two story building of approximately 5,800 square feet located on the approximately 0.43 acre parcel). Building 8 was originally constructed in 1910, is bounded by Poplar Avenue to the north, the Memphis Child Advocacy Center to the west, and VA property to the south and east. The lease would displace VA administrative offices, which will have to be relocated. Fifteen (15) VA surface parking spaces would be displaced. The developer would construct, operate, and maintain a multi-story parking garage facility, and operate and maintain Building 8. In exchange, the developer would provide VA with negotiated consideration, such as new parking spaces on the approximately 0.69 acre parcel of land.
Opportunity two: VA wishes to enter into a long-term lease with a private developer of one or more of 3 potential sites each consisting of approximately 3-5 acres. The developer would construct a parking deck or multi-story parking garage (or combination thereof), and potentially a retail facility, in exchange for providing VA negotiated consideration, including increased parking spaces on the VAMC campus.
Each lease opportunity would be for up to a 75-year period of time with the structures and property reverting back to the VA at the conclusion of the lease. The developer will be responsible for all costs associated with the renovation of historic buildings, maintenance, building/parking repairs, utilities, grass cutting, snow and leaf removal, and all security and fire protection.
VA intends to have the each opportunity site assessed and then issue a Request For Proposals (RFP) for the redevelopment of each Project, and will enter into a EUL agreement with a Developer who provides VA with the best proposal to construct a project that will provide in-kind consideration of additional parking (preferred), and/or additional in-kind consideration which may include the provision of goods or services as benefit to VA, including construction, repair, remodeling, or other physical improvements of VA facilities, maintenance of VA facilities, or the provision of office, storage or other usable space.
The Developer will finance, plan, redevelop, as well as operate and manage the land/buildings to be developed for the term of the lease. The specifics of the potential for VA shared management of the property to be determined in the RFP process. VA will convey a leasehold interest in the land and existing improvements. Ownership of the new construction developed on the parcel during the term of the EUL shall be with the EU lessee. However, ownership of all facilities and improvements except for trade fixtures will revert to VA upon expiration of the EUL. To finance the Developer’s improvements and activities, the Developer will be permitted to pledge as security the leasehold interest in the development. However, the Developer will not otherwise be permitted to encumber the lease property without VA’s consent, nor will it be permitted to subordinate, limit or otherwise place any restrictions on the U.S. Government’s fee interest in the property or the Department's interest in the EUL.
News and Updates
If you have any questions regarding Opportunity One, please to send an email to email@example.com.
If you have any questions regarding Opportunity Two, please to send an email to firstname.lastname@example.org.