Council hears developer pitch for Medical Center Parkway site; staff to finalize purchase-and-sale terms

Murfreesboro City Council on Dec. 11 reviewed a proposed purchase-and-sale agreement for an 8.62-acre portion of a 20.13-acre city-owned tract on Medical Center Parkway and heard a developer describe plans for event venues and mixed-use space. Staff described the proposed sale price as $6 per square foot, presented in the meeting materials as a $22,250,000 purchase price.

City staff said the parcel is on the back portion of a larger property and that the developer has requested building-permit readiness before closing. The agreement will include timing provisions and repurchase (buyback) rights similar to those used in previous city projects.

"We do roughly about 300 events a year," said Sean Hackinson, the developer introduced at the meeting, describing two proposed venues: a ground-floor space the team expects to configure for about 500 people and a second, smaller venue above, plus leased second-floor office space and a rooftop restaurant overlooking the river and greenway. "The bottom floor will house at least 500 people," Hackinson said, noting the project team plans to incorporate the Greenway and add amenities such as bike racks.

City staff estimated the development could produce roughly 125 jobs, about $5.5 million in annual sales and roughly $200,000 per year in combined property and sales taxes; staff also identified approximately $144,000 in one-time impact fees. The city manager's office flagged the possible use of some sale proceeds to build an off-site connector road and signalize the Medical Center intersection; staff estimated that off-site improvement at about $1 million and said it is not part of the purchase-and-sale agreement.

Council members asked about timing, site plan review and whether rezoning would be required. Staff said the property is currently zoned mixed use and that a PUD would not be required unless variances are necessary. If no rezoning is needed, the project would proceed through the Gateway Commission and planning reviews; if the developer secures building-permit-ready plans before closing, staff said that could accelerate the project.

Adam (staff) and others noted repurchase provisions in the draft agreement similar to recent city transactions and emphasized that staff would continue negotiating the final purchase-and-sale terms before presenting them for formal council action. Staff said final contract approval would come back to council when the purchase-and-sale is complete or at the time of closing, depending on the path taken.

The council did not take a formal vote on the purchase-and-sale at the Dec. 11 meeting. Staff said they would continue to finalize terms, route the project through Gateway Commission and bring the purchase-and-sale or subsequent approvals to council as required by zoning or site-plan decisions.