News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The Highlands Residential Services Board approved a letter of intent to sell its Claude Darwin Property Thursday.
Nashville Real Estate Professional Waddell Wright led the process. He said a developer has agreed to purchase the 11.5 acres for $3 million in cash.
“They’re going to keep the units intact,” Wright said. “What they are going to do is renovate and add an additional story to them and double the number of units that are there, so they are not going to be doing a lot of demolition.”
The land is located off of Walnut Avenue near Parkview Park. Wright said one contingency of the sale is if the property is rezoned to allow the development. Wright said the housing authority now has 15 days to negotiate a purchasing agreement.
“Their due diligence period is about 120 days,” Wright said. “(…) The closing date will take place within eight months after the expiration of the due diligence, which gives us time to relocate.”
If the deal goes through, the housing authority will have several months to relocate 26 families that live on the property. Executive Director Dow Harris said staff will start meeting with families next to find new living spaces under Highlands.
“We already have a notice that’s going to be hand delivered to those 26 families,” Harris said. “Scheduling a meeting I believe next week. Those who cannot go to that meeting we will be meeting with them individually.”
Harris said the majority of families would be eligible to move into Hickory Valley once it is constructed. Harris said until then, the housing authority’s resident turnover rate should be high enough to find housing for each family.
