City and MTE Finalize “Property Swap” for Planned Parkland and Economic Development Prospects
Land swap advances park planning for western Murfreesboro
The City of Murfreesboro finalized the “property swap” with Middle Tennessee Electric (MTE) Jan. 4, 2023, for land along Veterans Parkway that includes a proposed park in the western portion of Murfreesboro.
“We are pleased to finalize the exchange of land that serves both future recreational use for the City and economic development prospects for MTE,” said Murfreesboro Mayor Shane McFarland. “The land the City acquired from MTE is better positioned for a community park in the western part of the community that will include parkland, green space, walking trails, and recreational amenities.”
“MTE is thankful for the collaborative relationship we enjoy with the City of Murfreesboro, and we were happy to work with the City on this initiative that has the potential to create multiple benefits for our community,” said MTE President and CEO Chris Jones.
“The land along Veterans Parkway offers the potential for park development well within western Murfreesboro.” said City Manager Craig Tindall. “And, the property near I-840 is well suited for economic development opportunities. The City, the Chamber of Commerce, and the state will work closely with MTE, TVA, and the Middle Tennessee Industrial Development Board in a coordinated effort to attract high level economic development that will benefit the community.”
The Murfreesboro City Council voted Thursday, June 23, 2022, to approve an exchange of property with Middle Tennessee Electric (MTE) for land that will include a park and other public and community uses.
The Real Estate “Purchase and Sell Agreement” exchanges property owned by the City for property owned by MTE for equal price. City Council approved rezoning the MTE property to Commercial Highway (CH) and Gateway Design Overlay-1 (GDO-1) that will enhance its use for economic development. The City commits to extend sewer to the MTE property north of I-840, which is already in planning and design.
The property previously owned by the City, now owned by MTE, is located along Veterans Parkway, Burnt Knob Road, Vaughn, and Blackman roads near I-840. The property is designated for a future Commercial Highway (CH)/Business Park.
The property previously owned by MTE, now owned by the City, is in West Murfreesboro one mile south of the City property along Veterans Parkway. Previously, MTE planned to develop the site as its future headquarters but now is investing in redevelopment of its campus on New Salem Highway to accommodate current and future needs. City Council approved rezoning the now City-owned property to Park (P), Commercial Fringe (CF), and CH with GDO-1 to support the proposed park, public, and community uses envisioned for the property.
MTE works extensively in the economic development arena with TVA, the State, and the Middle Tennessee Industrial Development Association. Thus, MTE ownership of this property enhances the economic development potential of the property.
The Commercial Highway zoning of the MTE property with significant visibility from I-840 will help shape and develop the area with benefits to the Blackman area and the entire City.
