BRISTOL, Tenn. — Within the next six months, the former Coyne Textile and Bristol Products buildings will be torn down to make way for a new building that will house retail, restaurants, offices, residential space and offer parking.
At a called meeting Thursday evening, Bristol Tennessee City Council voted unanimously to support a development plan between the city, the city’s Industrial Development Board and 714 Shelby Street G.P., a company owned by A.G. Commercial, to redevelop almost an entire block of the city along Shelby Street, with only the law office at the southwest corner of the block remaining untouched.
Under the agreement, the city will complete all demolition on the site by March 30, 2020, and create a buildable pad for construction. The city will then create two plats for the property with the IDB selling one to the developer for $225,000 and the city keeping the other plat and building a 170-space parking lot on it.
Half of those spaces will be retained by the city for public parking and the other half will be leased to the developer for use by the building’s tenants at $16,008 per year for 10 years.
The developer will be responsible for construction of a three-floor, mixed-use building that must be a minimum of 60,000 square feet.
City Manager Bill Sorah said the project is estimated to be completed with new tenants moving in around spring 2022.
And under the agreement, there is an incentive for the developer to get the project done on time. If the developer meets specific deadlines to begin and complete construction and maintains no less than 75% of the project leased after completion, the city IDB will incrementally pay back what the developer paid for the property.
J.J. Gillenwater, a partner at with A.G. Commercial, said they’ve already started talking to potential tenants for the first floor and are currently planning a bank, grocery store, insurance agency, restaurants, bars and retail. And on the second and third floors, he said they are planning 63 loft apartments, with a mix of one- and two-bedroom apartments.
Amenities will include a courtyard dog park, a fitness center, outdoor fireplaces and outdoor kitchens. He said there are currently about 120 loft apartments downtown with waiting lists for all of them, so new downtown living options will have a wide appeal.
Tom Anderson, the city’s director of economic development, said the city is currently advertising bids for demolition, and he hopes to be able to bring a recommendation to City Council at its Nov. 5 meeting.