As a follow-up to our posts on the Smyrna Town Hall Meeting and Smyrna Economic Development, I did promise to give you an update from the meeting on Jonquil Village. It’s been quite awhile since we’ve provided you with an update.
Jonquil Village is owned and developed by Century Retail. They have invested $17 million of their own money into the project to date. Unfortunately, the project has become a victim of the economy.
Until the commercial lending environment changes, the project is expected to be at a stand-still. No TAD (Tax Allocation District) funds have been spent on the project according to Andrea Hall, Smyrna’s Economic Development Coordinator.
The good news is that Publix is still committed to the project. The original shopping center has been demolished, the site is graded and much of the underground infrastructure for the parking deck is completed. The 14-acre, $181 million mixed-use project is slated to include 30,000 square feet of office space, 160,000 square feet of retail along with 300 condominiums and 1,300 deck and surface parking spots.
So we’ll continue to wait and see what happens, but commercial lending right now is very difficult to obtain.
Next up is an update on Belmont Hills, which is actually more promising. Stay tuned…