City officials said an extension of MLK Boulevard to be made possible by a $4 million-$4.5 million TIF (Tax Increment Financing) will help make possible a new apartment development, office building and restaurant by the Tennessee River.
The TIF idea is being presented to the city Industrial Development Board and later to the City Council on Tuesday.
Officials said the mid-rise apartments will have 180 units with 38 set aside for those with moderate incomes. There will be a swimming pool and fitness club.
The restaurant, located south of the MLK Boulevard extension, will have 4,000 square feet.
The office building, which is along Riverfront Parkway and north of MLK Boulevard, features 30,000 square feet.
The $40 million in development will be spurred by the TIF, which will allow the developers to get a private loan and then repay it through additional tax income in the TIF district, officials said.
The plan includes lining up the MLK Boulevard extension with the current alignment of the road that comes from downtown. It will replace the current Fulton Street.
A traffic light is planned at the intersection.
The extension will include sidewalks, landscaping, a bicycle path, and on-street parking.
Officials said, "Fulton Street is unimproved. The riverfront is currently lined with a chain link fence with barb wire. The lot is currently overgrown and blocks the public's view of the river and Blue Goose Landing trailhead."
The city's original plan included an extension to the river of MLK Boulevard, it was stated.
The project is by Evergreen Real Estate of Nashville, which has a number of apartment facilities here and elsewhere.
Work is set to start early next year and be finished by the middle of 2019.
The contractor will be Highland Building Group. HK Architects and March Adams Engineering will be involved. Evergreen Real Estate will be the property manager.
Term of the TIF would be 15 years.
Click here to read the full TIF application.