Planning is underway for a residential development near Bridgewater Plaza. The Willard Companies is proposing the construction of 42 homes on a 30-acre property just south of Hales Ford Bridge.
The Franklin County Planning Commission unanimously approved rezoning the undeveloped lakefront property last week. The commission also approved two special use permits that will allow for the construction of a community center and boat storage facility.
The Willard Companies purchased the 30-acre property and the nearby Bridgewater Pointe Condominium in 2012 for a combined price of $5.6 million. The properties previous owner, Bridgewater Pointe Partners, filed for Chapter 11 bankruptcy protection in April 2008 after defaulting on a $21.5 million loan from BB&T.
Ron Willard II, vice president of The Willard Companies, said the 42 lot proposal is far less than what was initially planned by Bridgewater Pointe Partners. He said that proposal was for condominiums with more than 200 units.
The lot has sat undeveloped for nearly a decade until plans were introduced to the planning commission last week. Willard said now was the right time to move forward with development.
“The location where its at is pretty premium,” Willard said.
No timeline is currently in place to begin development on the property. Willard said the rezoning and special use permits were to help in making the property more marketable to sell to another developer. There are currently no plans for The Willard Companies to develop the property, he said.