Developer Harold Crye Offers Land for School in Murfreesboro
Nashville, Tenn. – Harold E. Crye, chief executive officer of Crye-Leike, Realtors, the largest real estate company in Tennessee and the Mid-South, has set aside and sold part of a subdivision in Murfreesboro he owns to Murfreesboro City Schools as a future site for a new elementary school. The sale is encouraging for Murfreesboro residents who have complained that their fast-growing city has an overcrowded school system.
Crye transferred to the city of Murfreesboro 21.80 acres of a 117.53 acre site that is located in the back section of Huntington Place, a residential community of 128 homes located one mile east of Memorial Boulevard in Murfreesboro on DeJarnette Lane.
Murfreesboro City Schools purchased the land to accommodate the rapid area growth in northeast Murfreesboro and the overcrowding at Reeves-Rogers Elementary School, reports Chuck Arnold, director of finance and administration. “Our school system tries to stay ahead of the growth curve,” says Arnold. “We felt the purchase of this land was a wise investment that could potentially be used to build our next school.”
The land was purchased from Crye on July 25, 2000 and sold for $236, 851.80, says Linda Eakes of Cavalry Bank in Murfreesboro which provided financing for Crye’s initial 117.53 acre purchase. As part of the purchase agreement, Crye agreed to fund two-thirds of the costs associated with drainage improvements to the land which were recently completed on the future school site.
Home builders William Waite and Jackie Haitt were the original developers of Huntington Place which features homes in the $150,000 price range. Since 1989, they have completed sections one through four. Crye purchased the remaining undeveloped property in September 1998 for future development.
“Crye-Leike has almost completed selling Section 5, with 15 lots remaining for sale,” said Keith Rosenblum, president of Crye-Leike Commercial & Property Management in Brentwood whose division is overseeing the project’s development. “We recently secured approval from the Murfreesboro Planning Commission to proceed with Section 6 which opens up 37 more lots for sale. The approval gives Crye-Leike the ability to spend more money for improvements and further development.”
Crye-Leike develops the lots and then sells them to builders. “Through a mutual agreement between the builders and Crye-Leike, Realtors, builders list their spec homes with Crye-Leike,” explained Crye. “Crye-Leike, in turn, handles all the marketing efforts in selling the builders’ homes.
This partnership allows a way for Crye-Leike to increase its market presence and listings in Rutherford County.”
“General discussions about building this proposed elementary school will begin this year,” says Arnold. “Initial design is for a school with 38 classrooms, or 760 students, with core facilities designed for up to 1,000 students in case there is ever the need to expand.”
“Construction costs are estimated to be around $11.5 million, but this project is subject to funding and approval by the Murfreesboro School Board and Murfreesboro City Council,” says Arnold.
Murfreesboro is the only municipality with a school district in Rutherford County. Murfreesboro City Schools is a kindergarten through sixth grade district.
Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation’s 13th largest real estate company and the largest serving Tennessee and the Mid-South. Crye-Leike of Nashville, Inc. has 22 branch and franchise offices in 10 counties throughout a two-state Mid-South region in Tennessee and Kentucky. Sales associates in the Greater Nashville area currently total over 800.
Crye-Leike Commercial, a division of Crye-Leike, is a full service commercial real estate company offering business and investment real estate services from its four regional commercial offices in Memphis, Nashville, Chattanooga and Johnson City. The commercial brokers of Crye-Leike Commercial, which total 50 company wide, have a 19-year history of providing comprehensive brokerage, leasing, site selection and investment real estate services to its clients.