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Council approves up to $7.5 million in bonds for George Apartments redevelopment
Summary
The council approved an ordinance authorizing taxable economic-development revenue bonds (not to exceed $7,500,000) to support redevelopment of 1401 Main Street into 192 Class A apartments with ground-floor retail; staff estimated the project value at $51 million and the vote was recorded 5–2.
Town staff described a redevelopment proposal by Denton Floyd and Hogan Properties (doing business as George Apartments LLC) to convert the site at 1401 Main Street into 192 Class A, market-rate apartments and about 10,300 square feet of ground-floor retail and professional office space, estimating total project value at $51,000,000. The Clarksville Economic Development Commission and the council previously recommended action; staff asked council to approve issuance of taxable economic-development revenue bonds for the series of 2025 with an amount not to exceed $7,500,000.
After discussion the council took a recorded vote on the ordinance authorizing the bonds. The motion carried with five votes in favor and two opposed. The staff presentation noted the next procedural step, if approved, would be for the redevelopment commission to meet the following week and act on the matter.
