MURFREESBORO, TN - WGNS is continuing to follow the construction of One East College in Murfreesboro, or perhaps as many would point out, the lack of construction.

When the property was purchased in 2019, costs to build the 12-story mixed-use structure came in between $65 and $70 million to complete, but today's prices are much higher as construction costs have increased greatly. 

The City of Murfreesboro sold the old First United Methodist Church property to developers for $1.8-million in 2019, which was around 3-years after the city bought the real estate from Franklin Synergy Bank. 

In the sale of the property to the developers of One East College, the city formed an agreement that the new owners would build a mixed-use structure to include residential units, offices, retail space, restaurants and a hotel. The developers would also have to include the historic church bell tower and chapel that date back to 1888.

After several years have passed, the only thing that has happened on the property is the demolition of what was once First Methodist classroom space, along with church offices and the gymnasium.

Today, the roughly 2-acre property sits empty with overgrown grass and piles of rubbish, as the historic bell tower and chapel are starting to show signs of deterioration. But, Assistant City Manager Sam Huddleston told WGNS the city is relying on their contract with the developer to ensure something happens... Plans that were presented to the City of Murfreesboro in 2019 started off positive, with options that would save the owners of the mixed-use facility money, but those savings wouldn't come until One East College is built.

Looking back, one of the incentives that was approved by the Murfreesboro City Council in October of 2019 was a TIF Incentive for the downtown re-development (Resolution 19-R-24). That incentive, which was capped at $6 million, was said to be instrumental in making the the mixed-use private redevelopment possible. TIF stands for Tax Increment Financing, which is a financing method that's used as a subsidy for redevelopment. But, that TIF is worth nothing to the developers if the project never gets off the ground.

As for the owners of the property, records show the real estate is owned by "705 4th Avenue South Holding Company, LLC" and "Onicx Investments OEC, LLC."

WGNS is continuing to follow this downtown Murfreesboro project that has been stalled for over 2-years.