Developers present amended Bridal Street redevelopment agreement; council hears schedule and financing changes

Developers and city staff presented amendments to the Bridal Street redevelopment agreement during the Murfreesboro City Council meeting on Feb. 13, describing revised project phasing, financing updates and additional public improvements.

The amended and restated agreement — presented by Matt Taylor of SCC and city staff member Darren (last name not specified) — updates the development timeline, removes the hotel parcel from an immediate purchase while preserving the project's overall purchase price, and adds street and intersection improvements that will be part of the developer's obligations. Taylor said the team selected an equity partner and a general contractor, and that drawings for all buildings except the hotel are about 25% complete.

Staff and the development team said the change separates the hotel parcel from the rest of the project so the hotel's tax-increment financing (TIF) allocation would not be triggered until the hotel parcel is constructed. Taylor said the hotel parcel is being pulled out as a separate element worth about $550,000 of the previously stated roughly $5,000,000 purchase price. He described the hotel site as a two-year option for the city and said the project will still include two parking structures that together will provide up to 115 spaces intended to serve a future hotel.

"We've continued our negotiations with WGNS. Those are at about the 99 yard line," Matt Taylor said, referring to a tenant/site element. On entitlements, Taylor said the plan proposes about 2,310 for-lease units (transcript: "$2.31 for lease units" — quoted wording in transcript unclear) and 98 for-sale units, and that the project retains the developer's commitment to a "hometown heroes" program offering reduced rent or sales price for police officers, firefighters and teachers.

Council members pressed the developers on who qualifies for the hometown-heroes set-aside. Taylor and staff said the classification is constrained by federal rules cited by the development team; the group said historical practice for that program has been police, firefighters and teachers and that military service members are not included under the federal framework the team relied on. Taylor clarified that 5% of the for-lease units will be held "in perpetuity" for the hometown-heroes discount and that for-sale units would be controlled only for the initial sale to the qualifying buyer.

Councilors also asked about pricing and the project's affordability. Taylor said the team has not set final sale prices and that the market is producing a range of buyer types; he said the developer will attempt to "make them as affordable as we can so they'll sell as fast as they can." On schedule, Taylor said work on the WGNS building is expected to start in September, with the larger portion of the project starting in April 2026 and an estimated 18 months of construction for the main portion.

Darren outlined the approval path the city will follow: the amended development and purchase-and-sale agreements will return to the council for approval (proposed Feb. 27 or March 6), the Industrial Development Board will review the economic impact plan and funding agreement, and a subsequent council meeting would adopt the IDB-approved economic impact and funding agreement. Darren said the project must also go through county review processes and the IDB.

Council members asked for a clear timeline and communication memo to stakeholders once the city finalizes the schedule and exhibits that will accompany the revised development agreement.

The presentation included a detailed description of additional public roadway work the developer would provide, including turn lanes on Broad Street and restripping/repaving along South Church Street. The development team also said the TIF term and cap on dollars are unchanged from prior approvals; the amendment primarily adjusts when certain buildings' revenues and obligations begin flowing under the TIF structure.

No formal council vote was taken on the amended agreement at this meeting; staff said the final documents and action items would return for council approval on the dates above.

The council asked city staff to schedule the finalized development agreement and related documents for a future meeting and requested a stakeholder communications plan and timeline in advance of that consideration.