Changes are headed to the northeast corner of Shelby Drive and Fleming Road. Collierville’s Board of Mayor and Aldermen approved the development agreement for the Lenox Gardens subdivision.
“This has been a project that has been somewhat difficult to develop, but we have persisted,” Joe Meals, the developer for the Lenox Gardens subdivision, told the board before the unanimous approval Monday evening. “We have been at this for over three years.”
He said the 20.5 acres is not an easy tract of land for the 46-lot project.
“We are confident that it is in everyone’s best interest that it be developed,” Meals said. Noting it is good for the property owner, nearby residents and Collierville. “It’s not generating a lot in the way of tax revenue.”
He acknowledged aldermen may have uneasiness about possibly setting a precedent for that area.
Tennessee Department of Transportation usually covers about 80% of improvements for a state roads through Metropolitan Planning Organization funds. The developer asked for a credit worth 20%, which is the town’s share for improvements to Shelby Drive. Developers also asked the 80% (more than $424,000) be waived since TDOT will likely pay that amount.
“No project has been denied once it gets to design and engineering from our experience in Collierville, but we don’t know what the funding will be for actual construction because that’s money that has yet to be allocated to TDOT,” said Jay Cravens, Collierville development director.
Meals said it would be easier to finance the project by Collierville agreeing to the financial terms. However, the board asked developers to pay the nearly $531,000. The developers would like to move forward and there is some uncertainty as to when the funding could be handed to Collierville from the MPO.
To read more about this development, check out The Daily Memphian article here: https://dailymemphian.com/section/suburbs/article/19557/lenox-gardens-collierville