A local group plans to bring a four-story senior living community to a cleared lot on McLean Boulevard between the Gilmore Apartments and the Union Avenue Starbucks.

The $36.3 million project, called the Iris of Midtown, will have 93 units, with 72 for assisted living and 21 for memory care, a specialized form of long-term care for people with Alzheimer’s, dementia or other forms of cognitive impairment.

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The project merged three parcels at 34 S. McLean Blvd., 35 S. Barksdale St. and 51 S. Barksdale St. into a 1.4-acre parcel at 42 S. McLean Blvd.

McLean Partners LLC, consisting of Ed Apple and Eddie Kircher, is going before the Economic Development and Growth Engine for Memphis and Shelby County board on Wednesday, June 17, seeking approval for a Commercial Property Assessed Clean Energy and Resiliency loan to help finance the project.

If approved by the EDGE board, PACE Loan Group LLC could make the $11 million loan to the project, subject to approval by its internal credit committee.

The rest of the project is expected to be funded with a $14.7 million senior construction loan from First Bank and $10.5 million in borrower equity and contributed value, including land and deferred developer fees, according to its EDGE application.

The planned 89,686-square-foot building will have restaurant-style dining, fitness amenities, memory care programming, entertainment spaces, salon and spa services and resident support services. The property will be pet friendly.

“We are excited about it,” Kircher said. “We’ve been working on it for three and a half years. The need is there for it.”

McLean Partners had Oxford, Mississippi-based research firm ProMatura Group LLC do a study to determine the need for senior services in Midtown.

“The number of units they said we needed, we can’t build that many,” Kircher said.

Rendering for Iris of Midtown. (Courtesy McLean Partners LLC)

Linkous Construction Co. Inc. is the general contractor. S. Berry Jones-Architects, is the lead architect in association with ANF Architects, is the architect of record.

AgeWell Solvere Living will handle property management and leasing. The senior housing company manages more than 35 communities in multiple states.

Barry Maynard and Frank Dyer III, both senior vice presidents of brokerage at Gill Properties, brokered the land acquisition for the project.