CLARKSVILLE, IN (June 8, 2023) – A major development in South Clarksville took another step forward to becoming a reality during Tuesday night’s regularly scheduled Town Council meeting. Representatives from Denton Floyd and Hogan Real Estate updated the Town Council on their proposed multi-use developments, including presenting a term sheet for approval.
A term sheet is a summary document containing the key terms of a contract at a high level, which can speed up negotiations and enhance collaboration and as well as generation of a final development agreement. Although the term sheet is a step forward in development, it is a non-binding document. A final development agreement will have to be approved by the Clarksville Redevelopment Commission and the Clarksville Town Council at a later date.
Denton Floyd was selected as the developer of two sites in South Clarksville following a Request for Proposals issued by the Clarksville Redevelopment Commission. The developer plan to build two neighboring multi-use developments along Clarksville’s new main street, with construction beginning on the first site in Spring 2024. The term sheet calls for the Clarksville RDC to sell the two pieces of land, totaling nearly five acres, to Denton Floyd for nearly $1.5 million before the end of 2023.
Site one, a development which will be known as “The George”, will consist of 170 luxury apartments and townhomes, 11,000 square feet of Class A retail, and amenities such as a resort-style heated pool with clubhouse, and outdoor common area with fire pits and grilling stations, a pet park and pet spa, a 24-hour fitness center, reading room, business center, bike repair and storage area, and electric vehicle charging stations. In total, the investment in the project is expected to be around $48 million with an estimated completion date of December 2025.
Construction of site two, located just across the street, is planned to begin in September 2026. That project will consist of 270 luxury apartments and townhomes, 15,000 square feet of Class A retail space, two publicly accessible pocket parks with programmable art exhibits, and many resident amenities similar to “The George” project. Although very tentative, completion on site two is expected to happen in Fall 2028. The term sheet between Denton Floyd and the Town also includes an option to purchase a third site in South Clarksville for a proposed 10-story hotel and convention center.