Murfreesboro’s Mayor Shane McFarland has revealed that a default notice has been issued to One East College, LLC, the development company responsible for a downtown property previously occupied by an old Methodist Church. This action is due to the absence of progress on the $70 million development project, which has been at a standstill for nearly five years. Mayor McFarland expressed his concerns regarding the stagnation of growth in the downtown area as a direct consequence of the stalled project. The default notice issued is considered a crucial step in urging One East College, LLC to either resume work on the development or potentially face legal ramifications as outlined in the contractual obligations.
Background of the project
In 2019, One East College, LLC acquired the city-owned block of land for $1.8 million, with grand plans to develop it into a complex with a 110-room hotel, 55 townhouses, eateries, office and retail spaces, and a design that would harmonize with the neighboring historic region. Construction began in early 2020, with an anticipated completion date in 2022. The project aims to revitalize the area, attracting both tourists and locals to enjoy the various amenities it will offer.
City’s efforts and objectives
The City of Murfreesboro initially procured the 1.9-acre parcel for about $1.55 million in 2016 from Franklin’s Synergy Bank. Since then, the city has focused on developing the area, with plans to revitalize the surrounding neighborhood. Key projects have been proposed, aimed at boosting the local economy and fostering a sense of community for the residents of Murfreesboro.
Developer’s considerations and community concerns
The developer had also requested a tax break to finance the construction of a parking garage and had considered public feedback about preserving the old sanctuary and the 1888 bell tower. Taking this community concern into account, the developer is currently exploring various ways to incorporate the historical elements while still ensuring the functionality of the new structure. By doing so, they aim to respect the area’s rich history and maintain its aesthetic value without compromising the project’s profitability and overall success.
Current state of the property
Nevertheless, the property remains undeveloped, with only demolition completed, while both the sanctuary and bell tower exhibit ongoing decay. The dilapidated state of these significant structures raises concerns for the local community and historians alike, as they hold immense value in terms of architectural and heritage importance. Immediate restoration efforts are now paramount in order to preserve and potentially repurpose these buildings, ensuring that future generations can connect with their historic significance.
Mayor’s concerns and call for action
Mayor McFarland communicated his dissatisfaction with the stagnant project, which was initially anticipated to significantly enhance the downtown area. He expressed concerns regarding the potential negative impact this delay might have on local businesses and the community’s perception of the city’s commitment to revitalization. The mayor urged all stakeholders to collaborate effectively and expedite the process to ensure the project’s successful completion and the much-needed economic boost for the downtown area.
One East College, LLC’s leadership
One East College, LLC’s leadership consists of Detroit’s Nick Patel, Nashville’s Suri Ramanna, Chairman and CEO of TRC Construction Services Inc., and Tampa-based real estate developer Dhvanit Patel. The diverse background of the team allows them to bring a wealth of knowledge and experience to the company, ultimately ensuring success in their ventures. The group’s primary focus is in real estate development and construction services, taking on various projects across multiple cities throughout the United States while always keeping community development and sustainability in mind.
Expectations and consequences of the default letter
The city of Murfreesboro hopes that by issuing the default letter, it will encourage the developers to undertake the necessary steps to advance the project. As a result of the default letter, the developers will have a clear understanding of the expectations from the city officials and the consequences of not meeting them. This proactive approach could potentially result in the timely completion of the project, benefiting both the community and the developers.
First Reported on: wgnsradio.com
FAQ
Why has the default notice been issued to One East College, LLC?
The default notice has been issued due to the lack of progress on the $70 million development project that has been stalled for nearly five years. The default notice is aimed at urging One East College, LLC to resume work on the development or face potential legal ramifications as per their contractual obligations.
What was the original plan for the development project?
The original plan was to develop the 1.9-acre parcel into a complex featuring a 110-room hotel, 55 townhouses, eateries, office and retail spaces, while harmonizing with the historic neighboring region. The project, which began in 2020, aimed for a 2022 completion while revitalizing the downtown area and attracting both tourists and locals.
What has the City of Murfreesboro done to support the development project?
The city initially procured the land in 2016 with the intent to develop the area and revitalize the surrounding neighborhood. Key projects have since been proposed to boost the local economy and foster a sense of community for the residents of Murfreesboro.
How has the developer addressed community concerns about preserving historical elements?
The developer has considered public feedback regarding the preservation of the old sanctuary and the 1888 bell tower. They are currently exploring ways to incorporate the historical elements whilst ensuring the functionality of the new structure, aiming to respect the area’s rich history and maintain its aesthetic value without compromising the project’s success.
What are the mayor’s concerns regarding the current state of the project?
Mayor McFarland is concerned about the stagnant project, which was initially expected to enhance the downtown area significantly. The mayor is worried about the potential negative impact the delay might have on local businesses and the community’s perception of the city’s commitment to revitalization. He urges all stakeholders to collaborate effectively and expedite the process to ensure the project’s successful completion and the economic uplift of the downtown area.
Who is in the leadership of One East College, LLC?
The leadership of One East College, LLC consists of Detroit’s Nick Patel, Nashville’s Suri Ramanna, Chairman and CEO of TRC Construction Services Inc., and Tampa-based real estate developer Dhvanit Patel. The team has a diverse background in real estate development and construction services with a focus on community development and sustainability.
What are the expected outcomes and consequences of the default letter?
The city of Murfreesboro expects the default letter to encourage the developers to take the necessary steps to advance the project while understanding the expectations and consequences of not meeting them. This proactive approach could potentially lead to the timely completion of the project, benefiting both the community and the developers.
