Exit 5 redevelopment planned
A large scale redevelopment for the area around exit five is being planned and land deals are being made by the city of Bristol Virginia.
The changes will mean a lot of new business and improvements in that part of the city.
The first thing anyone asks about a new $47 million project is where the money is going to come from. On this project, the questions run much deeper than that.
Now that city leaders are moving to develop nearly 120 acres, current business owners are concerned.
"Well we are a little nervous about how things are going to turn out,” business owner Tim Justice said. “Whether it's going to help us or hurt us. Right now we don't know if we will have a business here or if its going to move us or move us across the road. We don't know where it's at."
The property purchase deal has been in the works through city officials to buy the 120 acre tract. The total price tag is $25 million and now the pieces have fallen in place to move forward.
"We have had all of this property under option for several months now,” Bristol, Virginia city manager Dewey Cashwell said. “But the readiness and ability to follow through had to rely on letters of intent for certain key tenants."
Another cost of the project is $22 million to improve the portion of the roadway where these improvements will go.
"It has the potential to bring in revenue equal to half of the city's operating budget when it's fully developed,” community and economic development director Andy Trivette said. “That is rare. I think the city has a chance to focus on what makes the city great."
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