The Metro Council could soon pave the way toward a massive new development west of the city. An official says Biltmore Ridges would encompass more than a thousand acres and include businesses, homes and office space.
The mixed-use development would be off Interstate 40 at exit 192, near McCrory Lane, in the district of Councilman Bo Mitchell. While Mitchell wouldn’t speak to details about who’s funding the project or how, he says they’re willing to put millions down just on roads to the site, at a time when the broader market is down.
“From my standpoint, with unemployment over 9 percent, I welcome his investment in the community, to create jobs building this, and then after it’s complete the jobs that will be in the development for our community, so I like his timing.”
Mitchell says the city would sell bonds to pay for new infrastructure at the site, which businesses setting up there would ultimately pay back. But the matter is still a ways off: Tuesday night the council will weigh whether to schedule a public hearing on the development for August.
Tom White has been the attorney on the Biltmore Ridges project for years, and offered the following bullet points:
1. There will be NO funding by Metro for this project, specifically, there is no taxpayer obligation.
2. It is estimated that the infrastructure for this project will be approximately $20 million (road, water and sewer).
3. It is estimated that construction jobs alone will average 500 to 750 for a significant number of years.
4. Permanent jobs from the commercial portion of the project are estimated to be a minimum of 1500.
5. New commercial space is approximately 900,000 square feet, and there will be approximately 441 single-family units, 576 townhomes and 380 multi-family units.
White says Texas-based JMJ Holdings has owned the property for several years, and it’s already zoned for the development. He says the main delay has been working through different layers of government to approve necessary improvements at the I-40 exit, but if all goes smoothly they could break ground by early next year.
ORIGINAL WEB EXTRA:
The analysis from the council’s agenda:
RESOLUTION NO. RS2011-1708 (MITCHELL & BARRY) – This resolution sets a public hearing to be held at the Tuesday, August 2, 2011, council meeting relative to the proposed acquisition of public infrastructure improvements and the assessment of costs against the owners of properties within the Biltmore Ridges development. This mixed-use development is located near the intersection of Interstate 40 and McCrory Lane and is comprised of retail, shopping, restaurant, office, hotels, townhomes, single and multi-family housing, and other uses. State law requires that a public hearing be held prior to Metro undertaking the improvements and issuing special assessment revenue bonds to finance the costs of the infrastructure improvements. The bonds will be paid from the funds provided from the assessments against the development property. This resolution directs the Metropolitan clerk to publish the notice of public hearing for three consecutive weeks in The Tennessean, as well as give written notice of the public hearing to each of the owners of property with the development.