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Nashville council reclaims Lot 3 after declining developer—s extension request
Summary
The Town of Nashville council unanimously declined Legacy Development Group LLC—s request for a six-month extension to secure a tenant and complete a 10,000-square-foot shell building on Lot 3, instructing that ownership revert to the town and directing staff to market the property.
The Town of Nashville council unanimously declined Legacy Development Group LLC—s request for a six-month extension on a development agreement for a 10,000-square-foot shell building on Lot 3 in the West Nashville Commerce Park and directed that the deed revert to the town if the developer does not present a ready offer.
The decision follows a presentation from Philip Jones of Legacy Development Group LLC, who told council members he had been unable to secure a lease with the North Carolina Department of Transportation (NCDOT). Jones said the agency proposed a lease provision allowing it to vacate the building if its funding were cut, and "our lenders would not agree to that," a clause he described as the deal breaker. Jones asked the council for a six-month extension to market the shell building and secure a tenant.
The vote matters because the town conveyed ownership of the 1.6-acre Lot 3 to Legacy in exchange for the developer constructing a substantially complete…
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