News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Colliers International will prepare a marketing campaign for the Tennessee Avenue site in the coming weeks.
David McDowell is a Senior Associate at Colliers International.
“We have sent several marketing brochures out on a preliminary basis to a select group of retailers, developers, institution ownerships that would possibly buy the site,” McDowell said. “But I think, within the next two weeks, we will have a major marketing campaign that will be distributed nationwide to bring appeal the site from all sorts.”
McDowell said TDOT should finish the interchange around Thursday, May 17, setting the grand opening on June 20. The completion of the interchange allows for better marketing, McDowell said.
“We are trying to do a drone flight of the property to go with the offering memorandum,” McDowell said. “And we really want to complete the interchange before we do that to keep it a clean presentation with a brand new interchange there.”
The Tennessee Avenue site could be divided into six parcels and sold separately. The company would rather sell the site as a whole, McDowell said.
“But our focus is to sell it as a bulk sale, one track at 119 acres. We have it priced for the six tracks and we also have a price for the one single 119 acres,” McDowell said. “We have not made it public per se. We have shared it with a few select developers that have an early interest in the project.”
McDowell said the company will reveal the price once the prospective developers respond. Three developer groups have shown interest in the full 119 acres, McDowell said.
The city permits the site for commercial and industrial mix use.
“So we have a broad list of classifications that could be a void in the market that would help developers out over the next five to ten years,” McDowell said. “We have done void analysis, market studies, identified certain retailers, certain users that are not already in the market that could be in the market based on our research.”
Cookeville is working with the site to provide water, sewage, and gas.
“So we have a brand new interchange with a brand new city highway, fully entitled for commercial purposes,” McDowell said. “We have water, sewer, gas at a major fifth interchange in Cookeville. We can’t see anything more attractive than this that is not on the market currently.”
