Chattanooga, TN – Rise Partners, an investment group focused on shopping center acquisitions, redevelopments and ground-up development, announced its purchase of the vacant Kmart property on Madison Street, a 95,000 square foot shopping center located in Clarksville, Tennessee.
This is Rise Partners third acquisition and is a solid fit to its strategy of acquiring premium location redevelopment opportunities. The project is scheduled to be completed this fall, in time for holiday shopping.
“We are very excited to be new members of the Clarksville community,” said Matt Phillips, with Rise Partners. “This area of Clarksville has tremendous potential and the retailers and restaurants we will bring to the project will be an exciting addition to the community.”
“This announcement is a tremendous example of the value the Economic Development Council and its partners place on creating incentive models that attract redevelopment of existing buildings. This vacant home of the former Madison Street Kmart will now create new economic growth, add additional tax revenue to the community and greatly enhance our quality of life,” said Jeff Truitt, CEO of the Clarksville-Montgomery County Economic Development Council. “This investment by Rise Partners is exciting news for our ever growing community as it means new jobs, new development and more choices for our citizens.”
Construction will begin immediately to subdivide the now-vacant 85,000 square foot building that was formerly Kmart to create five new retail spaces. Rise Partners noted the spaces will be occupied by retailers that will be announced soon. In addition, the vacant fuel center will be replaced with restaurant and retail space.
“This is a prime commercial location so it’s great that this corner will return to full productivity, both in terms of service to residents and as a sales-tax generator,” said Joe Pitts, Clarksville Mayor. “More quality retail and more dining options are always in demand in Clarksville and I think this project is a great fit for our community.”
“This project is an important turn around for the Exit 11 area. It’s been three years since the closing of the Kmart store, which is in a highly visible stretch of road,” said Jim Durrett, Montgomery County Mayor. “I’m appreciative of the work that has gone into securing new businesses and jobs and I’m especially thrilled for the residents in that area who will soon have more shopping and restaurant choices. It’s a great benefit to our entire community.”
Phillips added, “There are few communities that provide the type of engagement and support we’ve received on this project. We are truly grateful for the leadership by local government leaders.”
To learn more about Rise Partners, visit: www.RisePartners.net or find them on LinkedIn, Rise Partners.