Crye-Leike Buys 98-Acre Commercial Site in Spring Hill, Tenn. with Plans to Revitalize Downtown

Nashville, Tenn. – The town of Spring Hill, Tennessee, one of the fastest growing cities in the southeastern United States and home base to General Motor’s Saturn automobile plant, has caught the attention of one of the nation’s leading real estate companies.

Harold E. Crye, chief executive officer of Crye-Leike, Realtors, the nation’s 10th largest real estate company, sees real estate opportunities in the town of Spring Hill, Tenn. which led him to purchase Town Center, a 98-acre mixed-use development that surrounds Spring Hill City Hall, for $1.7 million.

Town Center, located on the north edge of Maury County, Tennessee and adjacent to Saturn Corp. on U.S. Highway 31, currently serves as the commercial hub for the area of Spring Hill.

Crye purchased the property on November 4, 2003 from SunTrust Bank and First Farmers & Merchants National Bank. Commercial broker Rusty Ingle of Brentwood-based Crye-Leike Commercial facilitated the sale between the banks, Spring Hill Mayor Ray Williams and the City Administrator Ken York.

Harold Crye’s plans to revitalize downtown Spring Hill “by adding more roof tops so Spring Hill residents can call downtown ?home’,” he says.

The first phase of the development calls for Crye to develop 103 home sites on approximately 33 acres located adjacent to the City Hall. Prospects for additional apartments, senior housing and a graduated care facility are also being explored, says Crye, with the remaining acreage, which fronts Town Center and Stephen P Yokich parkways, held for commercial use.

The 98-acre property has remained undeveloped since 1986 after a master plan went astray by owners Smiley & Atchison, a private development firm that planned to build a new Town Center and other commercial businesses on 175 acres. SunTrust Bank foreclosed on the partnership’s $5 million note in 1991.

Harold Crye does not intend to change the original concept, but “just tweak it a little bit,” he says. “We see the potential to capitalize on the existing infrastructure and make the Town Center the focal point of Spring Hill.”

Crye has enlisted the services of Anderson-Delk & Associates, a Nashville civil engineering firm that specializes in land planning, to seek approval from the Spring Hill Planning Commission to amend the current Planned Unit Development (PUD) plan by rezoning a portion of the property to residential. The revised plan is to be reviewed next month.

Spring Hill is a split county city. It rests 12 miles north of Columbia, the county seat of Maury County, and 12 miles south of Franklin, the Williamson County seat. The city has experienced most of its population growth and development on the north side of downtown Spring Hill, the Williamson County side.

Crye envisions that his redevelopment plan will attract residential and commercial growth to gravitate toward the Maury County side of Spring Hill, specifically to Town Center.

“Once we get the subdivision in place, that becomes a catalyst for commercial businesses, like a dry cleaners, movie theatre and beauty shops, to emerge into the front section of the property,” says Crye.

The subdivision would be within walking distance of Town Center’s current tenants: Spring Hill’s Administrative Complex, City Hall, police department, post office and public library. Town Center also is currently occupied by the Maury Regional Medical Clinic, the First Farmers & Merchants Bank, the United Auto Workers Credit Union and a community shopping center anchored by a Food Lion grocery store.

Ingle says that Crye’s acquisition truly is not of undeveloped land. “The infrastructure is essentially completed. Paved and landscaped road arteries, sanitary sewer, natural gas, underground electrical and telephone service are already in place.”

Parsons-based Community South Bank is financing the development of this project. Pending zoning approvals, Crye plans to begin construction in the spring of 2004.

Crye-Leike (www.crye-leike.com), a full service real estate company for 26 years, is the nation’s 10th largest real estate company and the largest serving Tennessee and the Southern Region of the United States. It has a network of over 2,800 sales associates and 68 corporate and franchise offices located in 36 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida. Crye-Leike attained sales of $3.17 billion and 22, 198 closed transaction sides corporate wide in 2002.