International Paper to build $90 million office tower, bring 101 new jobs to Memphis:
The details are finally clear: International Paper Co. is planning to build a $90.2 million, 235,000-square-foot tower at 6430 Poplar Ave. in East Memphis. The company is seeking a 15-year payment-in-lieu-of-taxes incentive for the project, which will add 101 employees to its local roster. Overall, International Paper plans to invest $361 million, but most of that would not be subject to any tax incentive. Construction on the new tower is expected to begin next year and be completed in 2015. The company announced Wednesday afternoon that it was applying for a tax abatement to build the new tower.
