Rivergate Mall redevelopment expected to make multimillion-dollar economic impact in Nashville
MADISON, Tenn. (WKRN) — When the mixed-use development planned for the Rivergate Mall site begins, the Madison and Goodlettsville area will see a significant economic impact — to the tune of nearly $100 million in annual earnings and millions more in tax revenue once completed.
Metro Nashville Director of Development Chris Koster told News 2 the project will help 'revitalize' the Madison and Rivergate area of Nashville, a section of Davidson County that has needed the spark of inspiration for a while.
'Over time, when you see deteriorating malls, you get what you would call 'blight' in the area, and that starts to impact the area in and around the mall itself, so [we get] the chance to revitalize this and create an urban, mixed-use environment in that area [that] brings jobs, retail and restaurant amenities to the community, [and] really have a chance for people to fall back in love with that area and drive a lot of residual economic development in and around the area is a real contribution to Nashville over time,' Koster said. 'We have an opportunity here for a small, proportional investment in the public infrastructure, from Metro's perspective, to assist the private sector, in this case, to revitalize an area of Madison on behalf of taxpayers, but really to bring love to the area back.'
PREVIOUS COVERAGE | Rivergate Mall on track to see major redevelopment
The conceptual site plan includes a number of components, such as multifamily housing, townhomes for sale, senior housing, retail, restaurant, sports and entertainment facilities, medical offices, general offices and hotels. The goal will be an 'integrated mixed-use community' that will 'promote significant economic development,' according to Metro documents.
'We think it's very exciting for the community and a chance for the community to fall back in love with what was the mall,' Koster told News 2.
It's an over $200 million investment on about 57 acres of land in the northern portion of Davidson County, Koster said.
READ MORE | Click here to view the full economic impact plan for the Rivergate Mall redevelopment
'Over the next five to ten years, as you see this development occur, you'll have people living out there in this area, as well, and you'll have a lot of amenities for this community to enjoy,' he added.
He told News 2 the developer, Merus LLC — an Ohio-based company — has been at Metro meetings previously asking for 'proportionate contributions' to the public infrastructure in the area, as the infrastructure currently in place was designed to suit a shopping mall, not a mixed-use residential and retail development.
'The city's contribution is to pay into a proportion of that for public infrastructure, but the return on that is, as you get more property taxes for the increased revenue for the improvements at the mall, really that will pay for itself over time,' Koster told News 2. 'We're going to get a revitalized area that's going to be exciting for everybody to enjoy in the community again.'
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Some of the buy-ins on infrastructure include a bus stop site installed by Merus for future connector routes on the WeGo bus lines that service Goodlettsville and/or Gallatin Pike, as well as future Bus Rapid Transit, per the plan. The site will need to be large enough to accommodate up to two 40-foot passenger transit buses, if need, a bus shelter, and related passenger amenities, per the plan documents. WeGo will then furnish all other necessary items, per the plan.
According to the economic impact plan set for Metro Council's May 20 meeting, the project will bring an estimated $4.6 million in new county tax revenues, including $3.2 million in annual property taxes, $330,000 in annual sales tax from new households and $900,000 in annual hotel tax revenue. The overall impact also includes more than 1,000 new permanent jobs, with more than half of those directly employed at the new Rivergate redevelopment project.
Construction alone is projected to generate 955 jobs and nearly $100 million in related earnings. An economic impact analysis projects more than $260 million in new sales, over $337 million in private-sector investment, and more than $1.6 million in construction phase sales tax revenue.
Do you have news happening in your neighborhood? Let us know by sending an email to neighborhoodnews@wkrn.com.
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