MHR Fund Management LLC was approved for a 15-year Jobs PILOT encouraging the company to invest $112,500,000 in a shipping container and chassis production facility in Memphis, Tenn. The project will create 400 net new jobs with an average wage of more than $44,000. MHR plans to occupy the building at 8400 Winchester Road, where a Nike facility was previously housed.
MHR is a New York based investment firm that manages capital across a variety of industries including logistics, entertainment, and steel plate fabrication. The firm finds or builds management teams to guide creation of business plans for new investments, facilitating long-term portfolio growth.
The company has recognized growing demand for 53-foot shipping containers and chassis that are almost exclusively manufactured in China. Its new operation will fill a void in the North American market. While MHR has been evaluating sites in several states, the company believes a location in the middle of North America is important for the manufacturing and assembly operation. If Memphis is selected, it would become home to three manufacturing lines running multiple shifts.
The site MHR selected has been vacant since Nike relocated its operation about six years ago. The campus is 37 acres and contains an 817,000 square foot warehouse built in 1982.
MHR will be required to spend $2.9 million with City of Memphis and Shelby County certified minority and women business enterprises.