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Demand for land drives new Providence acres
May 09, 2005 12:00 am
May 6, 2005
An overwhelming demand for commercial property at the Providence project in Mt. Juliet – including interest from local automotive dealerships – has developers adding another 80 acres to the already massive project.
Officials with CPS Land LLC said this week they are putting 80 new acres on line for commercial development because of increased demand.
CPS has previously been the residential development arm of the 3,200-plus home development with South Carolina-based Carolina Holdings developing the adjacent retail-oriented Providence Marketplace concept. CPS officials said the new acreage will be developed in unison with Providence Marketplace, noting much of the already identified retail and commericial space is already spoken for by national chains.
"We have 80 acres of land zoned for commercial use with frontage on Interstate 40," CPS Land, LLC Development Manager Frank Horton said Thursday. "It has always been a part of the overall master plan, but it's come sooner than we thought. We've had interests from a variety of businesses, including a national hotel chain."
Horton noted over the past six months, CPS Land has been approached by interested parties scoping the general area for property on which to build. Several of the inquiries are "serious" and from several local car dealerships.
"We see this venture as a continued expansion of Providence MarketPlace," Horton said. "This property has Interstate access and visibility."
The property is located on the north side of Belinda Parkway as well as the adjacent south side. Horton noted the acreage is large enough to support a big-box retailer. One use for the acreage would be "ideal for a garden office development," Horton said.
This newly opened commercial opportunity is situated near Providence Marketplace, the 103-acre retail gateway to Providence subdivision.
MarketPlace will be the largest open air center in Middle Tennessee with 850,000 square feet of retail space.
Horton said he believed much of the property offered in the MarketPlace retail centered has already been committed.
"This is really more of an extension of MarkePlace," Horton said. "I think most spots in MarketPlace are pretty full."
He noted this new parcel of land now available is the next logical step to recruit more business to the area.
"Our concept for the whole area has been to live, shop and play," Horton said. "Shopping is an integral part of this, so it's terrific there's so much interest."
Dirt is predicted to be moving on the new commercial site as soon as eight months, CPS Land officials stated. Providence MarketPlace is a joint venture of Carolina Holdings Inc. of Greeenville, S.C., and Crosland Inc. of Charlotte, N.C.
MarketPlace's first stores are expected to open in early 2006. As of February 2005, Belk and Kroger have been signed. J.C. Penny is also on board. Negotiations are ongoing with numerous other retailers.
On the residential front on 1,000 acres off Belinda Parkway, Providence subdivision is going vertical and is on track with projections, Horton said. Three of the nine builders are working on models and three other builders have sold homes. Ten homes have been signed with the first residents expected to move in soon.
Mt. Juliet Managing Editor Laurie Everett can be reached at 754-6397 or by e-mail at email@example.com.