The Murfreesboro City Council, at its May 7 meeting, approved a purchase and sales agreement to sell 8.62 acres of land along Medical Center Parkway for $2.3 million to Hackberry 5 Properties, LLC for development of a large event venue and restaurant.
The City-owned property, located south of Medical Center Parkway and east of Gateway Boulevard, is part of a 20.12‑acre tract of unimproved land. Hackberry 5 Properties plans to build “an event venue and restaurant facility with a combined capacity exceeding 650 guests,” according to a news release from the City.
Under the proposed agreement, the land would be sold for $6 per square foot, totaling $2,252,923, payable at closing. The City estimates an additional $143,904 in impact fees and $203,138 in annual recurring revenue from property and sales taxes once the venue is operational…