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Paddocks developers seal $20M deal
Jun 20, 2006 12:00 am
June 10, 2006 – Georgia-based developers inked a multimillion dollar deal this week to purchase the 187-acre tract off North Mt. Juliet Road that will eventually become home to The Paddocks – a new large-scale retail development bound for Mt. Juliet.
Located just north of Providence Marketplace, the property was purchased by Atlanta's Gipson Hudson Properties LLC for $20 million, according to records filed with the Wilson County Register of Deeds on Friday.
Mt. Juliet City Planner Bobby Franklin said he was not surprised to see the tract – often referred to locally as the Thurman property – go for nearly $107,000 per acre.
The land's proximity to Interstate 40 and Providence MarketPlace likely had a significant impact on its value, he said.
"I think that the Providence development has raised property values in all of Wilson County, especially West Wilson County, both residential and commercial," Franklin said. "There's no question."
And the "immediate success" of Providence MarketPlace took some of the uncertainty out of the commercial development process in the city, Mt. Juliet Mayor Linda Elam added.
"The Providence development was the first major commercial development in our area, and its success has awakened others in that industry to the untapped market that we have," she said.
Gipson Hudson Properties Manager John Gipson has said his company plans to develop the parcel with a mix of retail and office projects. Already, Wal-Mart and Lowes have submitted letters of intent to locate inside The Paddocks. Two additional "significant" retailers, as yet unidentified, have also turned in letters of intent, he explained.
"There is definitely a hotel planned for the site and several junior anchors … with office buildings toward the back of the property," Elam added.
In all, Franklin estimated the development could bring another one million square feet of retail space to North Mt. Juliet.
"They've still got a final master development plan to get approved," he said of the developers. "They have some options. They can approve part of it or all of it – we have kind of an open final master development plan clause in our ordinance which allows them to do pieces of it or the whole thing at one time."
Franklin said the final master development plan for the project has yet to be submitted to Mt. Juliet City Hall.
During a visit to Mt. Juliet in April, Gipson officially set aside a portion of the property for the future construction of a new police precinct for the city.
"We are so happy to be part of it all with the city," Gipson said. "We are glad we can help them. It's great."
Paddocks developers have agreed to pay for additional road improvement costs related to the project. Improvements include adding a third turning lane on the I-40 west ramp, a traffic light and more turning lanes on Mt. Juliet Road near the development.
Mt. Juliet Managing Editor Laurie Everett contributed to this article.
Staff Writer Brian Harville can be reached at 444-3952 ext. 16 or by e-mail at email@example.com.