New Interchange and Buckner Lane Updates
The widening of Buckner Lane and the new I-65 interchange took three significant steps forward this month.
Southeast Ventures, the owners and developers of the Alexander Farm, received preliminary plat approval to create the new roadway alignment of Buckner Lane. The new alignment is needed to allow for additional room for turning lanes at the intersection with Thompson’s Station Rd and to improve sightlines. Expect grading to begin in the spring. This section of the road is being improved with private dollars and not tax money.
Additionally, BOMA approved $1.5M in spending to begin acquiring right of way for the north segment of Buckner Lane (phase 1 in the picture above). Purchasing right of way will begin immediate and allow for improvements in this section to track along with the construction of the interchange. You can see the latest presentation on the Buckner Lane improvements here.
And speaking of the interchange, BOMA approved a design build contract agreement with TDOT for the engineering design and construction of the new interchange. TDOT has already short listed three contractors, and we can expect to see an announcement of the winning bidder in January 2021. You likely won’t see much activity immediately after the contract is awarded, as the engineering design of the interchange will need to be finished before any construction can begin. Nonetheless, this project is moving ahead at a very rapid speed, even if the work isn’t very visible.
Update on Northfield
Back in February, I first told you about the potential for Northfield to be sold and redeveloped into a industry leading live music and tour rehearsal venue. The sale has since been delayed twice due to financing complexities (even with the most recent delay, closing by the end of the calendar year is very, very possible).
Even without Covid complicating maters and creating economic unpredictability, completing a multi-million dollar transaction is a complex matter. Think of how much paperwork is required to close on a home mortgage, a multi-million dollar real estate transaction has even more that goes into it. Additionally, this product is far larger than just a real estate transaction, as post transaction the new owner will be investing millions more to complete this one of a kind space. A little patience will go a long way on this project.