$15 Million Package Advances Crossville Commons Project Near I-40
(UCBJ) – Key financing and procedural steps have advanced in Crossville on what is being called the Crossville Commons (CC) project. The retail development, previously described as an approximately 190,000-square-foot center, is planned along Genesis Road near Interstate 40 at Exit 320. On Sept. 25, the Crossville City Council unanimously approved documents related to a Commercial Development District for the Commons.
Here is what we know so far about the retail project.
Planning Stages
CC is listed in commercial real estate marketing materials from TSCG, a commercial real estate firm that offers leasing, property management, construction and investment services.
TSCG’s property listing identifies the national retail anchors associated with the proposed development, including:
- Hobby Lobby
- Aldi
- Marshalls
- Burlington
According to TSCG, the site’s proximity to Buc-ee’s, which reportedly attracts 5.9 million visits annually (according to Placer.ai) is a draw for major retailers to fill the development.
According to the most recent TSCG listing, the shopping center’s targeted for delivery in the third quarter of 2027.
Property information: TSCG’s Crossville Commons listing
Company website: TSCG Commercial Real Estate
Financing
The development is tied to a $15 million financing package facilitated through SmartBank by the Cumberland County Industrial Development Board (IDB).
According to reports, the package’s structure relies primarily on incremental sales tax revenue generated by businesses within the development district, backed by an IDB reserve fund and safeguards designed to protect the city from permanent debt obligations. City Manager Valerie Hale was authorized to transfer funds from the city general fund to the Industrial Development Board to cover upfront closing costs associated with the district.
Officials say the temporary transfer will be reimbursed once the project’s loans are fully funded.
The package includes:
- $10.2 million for the main retail development
- $4.8 million to construct an extension of Interstate Drive, which will create a public roadway into the site
What businesses are coming?
TSCG names the following major retailers as anchor tenants:
- Hobby Lobby
- Aldi
- Marshalls
- Burlington
City officials have not publicly identified the businesses involved in the project, citing non-disclosure agreements, and there has been no confirmed opening date or construction timeline.
Nearby Industrial Site Nears Completion
The news on the Commons project comes as a 20-acre industrial development site near Interstate 40, known as the Crossville Spec. Pad project, was nearing completion in September. The site includes an approximately 200,000-square-foot leveled pad designed to attract industrial and manufacturing companies.
No incoming tenant has been identified.
This is an ongoing story. Check back for updates as they become available
Image via TSCG.
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