'Very high-end development': Smyrna's Sewart's Landing to attract WaWa, Jonathan's, Starbucks
The planned Sewart's Landing will blend retail, two medical office buildings, 240-room hotel and 75 townhomes in fast-growing Smyrna.
The $215.6 million project off Smyrna's Sam Ridley Parkway will include the town's first Jonathan's Grille restaurant, fourth Starbucks and Rutherford County's first WaWa, which is a gas station-convenience store chain known for made-to-order hot sandwiches, according to a press release from the developers.
Nashville-based Equitable Property Company is working on the 44-acre project with JLL, a Chicago-based commercial real estate and investment management company. The developers obtained a $26.1 million property tax increment financing rebate agreement from Rutherford County government officials to help pay for the Smyrna project's infrastructure, such as roads added to a Nashville suburb with an estimated 52,273 daytime population.
Sewart's Landing will be on Motlow College Boulevard across from the YMCA and adjacent to the Motlow State Community College campus in Smyrna. The project includes a walking trail that surrounds the development, community green space and outdoor amphitheater that will provide a "destination point" for the town, said Anthony Johnson, a Smyrna resident who's an elected member of the Rutherford County Commission.
"This will create another gathering place for the citizens of Smyrna," said Johnson, who along with other officials are hopeful the developers will attract national businesses in an estimated 250,000 square feet of planned street-level retail space. "We were told that they were expecting to have a high-end grocery store."
The restaurants coming to Sewart's Landing will provide more choices for diners, Johnson suggested.
"The whole thing is very high-end development," Johnson said.
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All but one of the outparcels for Stewart's Landing has committed businesses. The developers are in negotiations with 10 other tenants for the 50,000 square feet of single and multi-tenant retail included in Phase I, JLL Senior Associate Kipper Worthington said in the press release.
“We are placing a strategic focus on designing pedestrian-friendly streets with dynamic ground-floor retail and vibrant restaurant patios," Worthington said. "We look forward to sharing the additional lineup of brands coming to Sewart’s Landing with the community soon."
The project's name also honors the history and former name of nearby Smyrna Airport when the 1,700-acre airport that includes a business park had served as Sewart Air Force Base from 1950 to 1970, said John Black, the executive director for the Smyrna/Rutherford County Airport Authority. The airport dates back to 1942 during World War II when the property served as the Army Air Force Combat Crew School.
Black said Sewart's Landing is a great development.
"The type of businesses going in complement the airport and the type of businesses that we support through corporate aviation," said Black, who oversees Tennessee's fourth busiest airport for flight operations.
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Smyrna sells most of town's 'The Summit' property for development
Sewart's Landing will be located on most of the 57 acres that was previously designated by Smyrna officials as "The Summit" to attract business and education development. A sign for The Summit remains at this time across the street from the YMCA.
The property had sat undeveloped for more than a decade until the Smyrna Town Council decided to sell 44 acres to Equitable Property Company for nearly $5.4 million. The council also agreed to donate the remaining property that was part of The Summit to the neighboring Motlow State Community College campus in Smyrna.
Smyrna Town Manager Brian Hercules suggested in a statement emailed to The Daily News Journal that he's worked on attracting a development since the elected council hired him in 2018.
"When I became town manager, I accepted the challenge of finding the right development for this property to enhance the quality of life for our residents," said Hercules, who previously worked to attract economic development when he served as a vice president of the Rutherford County Chamber of Commerce.
"After several years, we found the right developer at the right time for this property. I look forward to seeing the tenants of Sewart's Landing thrive in Smyrna."
Chamber of Commerce President Paul Latture supports the project.
"This is a great opportunity not only for the town of Smyrna but for Rutherford County to further diversify our shopping opportunities in our county," Latture said.
Smyrna Town Council member Tim Morrell has examined the Sewart's Landing project both as an elected official and through his service as chairman of the town's Planning Commission. He's also his government's representative on the Rutherford County Chamber of Commerce Tennessee Economic Development Committee.
"This development will bring new opportunities for grocery, retail, restaurants and residential that will be new and unique to Smyrna," Morrell said in an email to The Daily News Journal. "The commercial portion of the project will provide opportunities for large businesses and will provide opportunities for small business. Another key feature is the walkability factor not only within the development but also for the surrounding community. With the dedicated greenspace, community events such as small music concert can be held."
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Over 2,600 housing units planned near and within Sewart's Landing
Sewart's Landing will be built in an area that's attracting significant growth to Smyrna with more than 2,600 housing units being built off Motlow College Boulevard, Genie Lane and Old Nashville Highway. This includes plans for an estimated 1,283 apartments that Murfreesboro-based TDK is building.
TDK's Vintage Stonetrace will be the first of four projects completed by the fall with 325 apartments, said Ross Bradley, vice president of development for the Murfreesboro company.
"We’re leasing out now. We have move-ins scheduled for March 1," said Bradley, whose company will next pursue a phase two Vintage Harbor Brook with 354 apartments.
The neighboring Greystar project will add about 650 apartments near Sewart's Landing, said Matt Evans, the senior director of development for the company.
Evans views the Sewart's Landing project as being '"very complementary to our Greystar development."
An Olara subdivision on the southside of Genie Lane by 2nd Wave Development will be building 350 apartments, 32 duplex units, and 80 single-family houses near Sewart's Landing, Smyrna spokeswoman Heather Kent said.
Smyrna Mayor Mary Esther Reed provided the following statement about the developments coming to the town's thriving Sam Ridley Parkway area in the Sewart's Landing press release:
"In Smyrna, we continue to experience growth in the residential and commercial markets. We are excited to welcome the Sewart's Landing development, which will benefit our town with additional retail, dining, and housing opportunities. We look forward to welcoming and patronizing the businesses occupying the space."
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The $26.1 million property tax abatement incentive spread over 20 years for Sewart's Landing had the backing of the Rutherford County Industrial Development Board (IDB) led by Chairman Bill Jones.
"I think it has the opportunity to bring significant development in that area of the town of Smyrna," Jones said.
The IDB also provided a similar $26 million tax increment financing incentive for a Keystone project that will surround Murfreesboro City Hall and Linebaugh Library. The Keystone project includes 239 apartments, up to 100 condos and hotel with up to 150 rooms.
The Sewart's Landing project is expected to generate annual sales taxes of $4.2 million and nearly $3.1 million in other taxes, according to an IDB study from Younger Associates.
The project is expected to involve 1,638 jobs during the development with combined wages estimated to be $92.1 million, the study shows.
The tenants for the completed projects are estimated to support 1,841 direct and indirect jobs with total annual wages estimated to be $63 million.
Many of the jobs could be located in two medical offices expected to be up to 400,000 square feet, which is larger than Stewarts Creek High School in southwest Smyrna. The Sewart's Landing development is about 2.5 miles from Tri-Star StoneCrest Medical Center off the Interstate 24 exit to Sam Ridley Parkway.
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The Younger Associates study also shows that Sewart's Landing is expected to generate $6 in local taxes for $1 offered as a rebate to help fund project infrastructure. Those estimates impressed the Rutherford County Commission, including Phil Wilson of Smyrna.
“This project will produce hotel/motel tax, sales tax (and) property tax (on) commercial developments," Wilson told fellow commissioners during an Oct. 12 meeting. "Most industrial development boards, if they saw a $5.98 to $1.00 benefit-to-cost ratio, would say these are the kind of projects we are looking for in Rutherford County to produce revenue that is sorely needed.”
Wilson noted taxes from the development will help fund schools.
“We need to continue informing folks that 50% of the local portion of sales tax collected in Rutherford County goes directly to education funding in Rutherford County," Wilson said in an email to The Daily News Journal. "We need Rutherford Countians to keep their spending inside our county. Any spending outside of our county will support another county's education funding. Shop local.”
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Fellow County Commission member Carl Boyd of Smyrna said Rutherford and Smyrna will benefit from 44 acres returning to the tax rolls rather than being owned and undeveloped by the town.
"Right now, we’re not getting any tax money out of that property," said Boyd, who's also pleased the town will be gaining more restaurants, including the Jonathan's Grille. "If you try to go to out to eat during peak times in Smyrna, you are going to wait."
Johnson, a fellow county commissioner from Smyrna, expects job opportunities to improve in the town because of the Sewart's Landing development.
"It's going to mean a tremendous amount of tax revenue coming in," Johnson said.
Reach reporter Scott Broden with news tips or questions by emailing him at sbroden@dnj.com. To support his work with The Daily News Journal, sign up for a digital subscription.
Sewart's Landing facts
Number of townhomes: 75
Square feet for two medical office buildings: up to 400,000
Square feet for retail: up to 250,000
Number of hotel rooms: 240
Number of acres: 44
Purchase price of land from Smyrna government: nearly $5.4 million
Total investment in development: $215.6 million
Property tax increment financing rebate to help fund project infrastructure: $26.1 million
Expected local tax revenues for every $1 of tax rebate: $5.98
Estimated jobs during development: 1,638
Estimated tenant supported direct and indirect jobs: 1,841
Location of development: Motlow College Boulevard across from YMCA off Sam Ridley Parkway
Committed businesses for the project: Jonathan's Grille, Starbucks and WaWa gas station/convenience store
Sources: press release from JLL, a Chicago-based commercial real estate and investment management company working on the Sewart's Landing project with Nashville-based Equitable Property Company; and Younger Associates "Economic Impact Analysis: Sewart's Landing Mixed-Use Development"
This article originally appeared on Murfreesboro Daily News Journal: Smyrna's Sewart's Landing attracts Jonathan's Grille, Starbucks, WaWa
