Developers request design change of 192-unit mixed-use property in south Clarksville

Dec. 22—CLARKSVILLE — The Clarksville Redevelopment Commission heard from developers of another major mixed-use, 250,000+ total square foot residential development near Riverside Drive and downtown.

During RDC's regular meeting on Wednesday, Clayton Pace of Denton Floyd Real Estate Group and Dylan Fisher of the Wheatley Group presented a request for an amendment due to "construction cost volatility and challenging lender environments" of the south Clarksville mixed-use RFP, The George, which would be north of Current812, which is finished and has recently started moving people in.

"We're ready to take on our next project," Pace said, referring to The George. The amendment was later unanimously approved by the commission.

In June, Clarksville Town Council approved the term sheet for The George and a second site north of The George that will have 270 apartments and townhomes.

The original approved structure for The George was a 154-unit residential property containing numerous amenities including a heated swimming pool, grilling stations, pet park and pet spa, fitness center and a clubhouse, and a parking podium, all at 1409 Main Street.

This project has been redesigned. Now, the developers want to eliminate the parking podium from The George and put in another floor to make it five stories, increasing the number of units to 192 while retaining all the amenities. The estimated cost of the project is $51,125,740.

However, the developers are asking to use the property at Site 3, which is west of The George, as a parking lot that would contain 218 spaces for the residents.

They also asked to create 41 spaces at a property owned by the RDC located north of the requested 218-space parking lot. Pace and Fisher said that lenders and equity groups are particular about having more than enough parking spaces for these developments.

Once the apartment building at Site 2 is complete along with the parking garage, those parking at the lot for The George will be parking at Site 2. The original term sheet from June stipulates Denton Floyd purchasing the parking lot site for a proposed hotel, which Pace and Fisher said they still plan to do.

According to the developers' schedule for The George, they want to close on the sale of the land by March 2024 with construction starting September 2024.

The commission received one proposal from Millennium Builders in response to an RFP regarding the 2.5-acre property at 129 N. Randolph Ave. for potential development.

At a cost of $210,000, the commission approved this purchase, and then went directly into the development agreement with Millennium Builders.

Contingent upon being approved, the land would be used to construct 20 single-family homes.

Commission member Jennifer Voignier told the commission and Wheatley Group officials, who were answering questions about the project, that she feels the price isn't fair considering the commission would provide a site work credit to the company at $150,000 for utility relocation and burial.

She also pointed out that the agreement states that the town would also provide a site improvement reimbursement of $210,000 for residential lot preparation work to the company once it submits receipts for the eligible costs. She said she feels that the utilities should be on the builder or split.

"I think we're just giving it away," she said.

The purchase of the land and the development at 129 N. Randolph Ave. were each approved by the commission with a "no" vote from Voignier. The agreement states that construction will begin around September 2024 and be completed around July 2027.

The commission approved the "most favorable" request for proposal for the Clarksville Plaza, located off Lewis and Clark Parkway.

Goodman Real Estate Services Group LLC was one of two proposals submitted and received the most favorable rating. The commission moved to begin purchase negotiations. There was no discussion of what the plaza would be potentially used for.