Owner Files $6.1 Million Loan on Former Cozymel's Site

Published on: December 25, 2014

Amos Maki, Memphis Daily News

A company affiliated with Robert F. Fogelman II has filed a loan on a key piece of East Memphis property.
 
Crown Centre LLC filed a $6.1 million loan with Financial Federal Bank for the old Cozymel’s Mexican Grill location at 6450 Poplar Ave. near International Paper’s campus in East Memphis, according to a Dec. 17 deed of trust.
 
The Shelby County Assessor of Property’s 2014 appraisal for the property is $1.9 million.
 
The old Cozymel’s restaurant was razed in 2013. A 2012 plan approved by the Land Use Control Board said Fogelman, who is listed as manager of Crown Centre LLC in the deed of trust, was seeking to develop a three-story mixed-use building with retail on the ground floor and office space on the upper floors, but several sources have indicated over the last year that the project could be shifting in focus to a more retail-oriented development.
 
Fogelman did not immediately return a phone call seeking comment.