It was a busy month of September for economic development by the City of Elizabethton.
In a memorandum recapping the month issued by Planning and Economic Development Director Jon Hartman to City Manager Jerome Kitchens and Carter County Tomorrow Chairman Richard Tester, different sites saw strides being made, including the future progression of the former Magic Mart building.
The report by Hartman stated he met with brokers at the ICSC Idea Exchange in Nashville and there was a client interested in purchasing the building. Since that meeting, the property officially changed hands from former owner Elizabethton Kenosha, LLC, a Delaware limited-liability company, to Bemberg Center Partners, LLC – an affiliate of Anchor Investments based out of Nashville.
The property officially sold for $1,175,000, according to records provided by the Carter County Register of Deeds office.
“The property is well-located,” Anchor Investments President Micah Lacher told to the Elizabethton Star Wednesday afternoon, citing the city as an ideal location to bring in retail for the area.
Hartman stated in the memorandum that since the purchase, there have been “many” discussions about improvement to the facility and the potential retailers to locate to the area.
“Some commercial incentives will be likely in order to get a few potential retailers landed and make significant improvements to the site and the surrounding area,” he added.
The property, which previously housed Magic Mart and Wal-Mart prior to its move, was built in 1988 and features 10.41 acres of land. The building itself offers 100,348 square feet.
And at least one retailer is already expected to set up shop in the building.
“We’re finalizing a lease with a nationally-known retailer,” Lacher said. The name of the retailer is expected to be released within the next 60 days. With one on board, to take up around 40,000 square feet of the building, Lacher added that Anchor Investments is in the process of courting other businesses for the remaining portion of the building for it to have multiple tenants.
“My architect has worked with (Jon),” Lacher added. “It’s been great to work together.”
In the report, the Planning and Economic Development Director also detailed sites around the area, including work being performed at the Matheson Property site, off US 19E. The property was brought up during the most recent Carter County Tomorrow meeting, where the organization agreed to budget $5,000 for a Phase II Environmental to help prep the building to be marketed for industry.
***
The memorandum also stated the sewer study for the potential Mills/Storie redevelopment site is in the draft phase and that an estimated cost of development could be expected within the next six months. West Elk Avenue redevelopment is expected to be a topic of discussion as Hartman is expected to meet with County Commission to gather their views for tax increment financing for the potential measure.
***
Discussions are also underway to locate a Dollar Store in the City of Watauga.