MT. JULIET, Tenn. (WKRN) — Leaders in Mt. Juliet have high hopes for their city as they look forward to approving high-end homes and retail spaces.
The plans were put in motion as an effort to draw more money and people into the city. The once two-traffic light town is now growing at lightning speed.
“We like the growth,” said Kenny Martin, Mt. Juliet’s City Manager. “The growth is good.”
Martin said the city is looking to build more single-family residential homes – more specifically pricey houses with larger lots.
“We’ve got housing for all levels, but one thing we’ve seen a need in is the higher-end housing,” Martin added, “What we refer to as the executive housing.”
Gretchen Fitzsimmons, a realtor with The Ashton Real Estate Group of RE/MAX Advantage said there’s at least one possible development located off Old Lebanon Dirt Road that would be zoned for a half-acre or more. That would make those properties worth around a million dollars.
“There’s a lot of need for larger lots,” Fitzsimmons said. “They’re putting a lot of homes on smaller lots, so the fact these neighborhoods are coming and going to be at least a half acre I think they’re going to go fast.”
Across Middle Tennessee, prices on homes are rising and inventory is dropping.
The same situation is panning out in Mt. Juliet.
“The days of buying a $125,000 house is hard to come by in our community,” Martin said. He explained that plans for more upscale neighborhoods will likely increase property values and attract more corporate companies, in an effort to recruit more white collar jobs.
According to Zillow, as of August, typical home values were $347,154, up 2.7% from the previous month ($338,224) and are up 5% for the year. The typical rent rate was $1,873, up 0.7% from the previous month($1,859) and up 4.8% year-over-year.
“The North side of Mt. Juliet is really growing, you know, we have the South side with Providence they have a lot of restaurants and stores so I’m excited about the north side going I think there’s a lot in the works,” Fitzsimmons said.
Martin and other leaders are hoping to keep current residents in the city, as well by creating more retail. His hope is that more people will both work and live in the city.
“Sort of like what Franklin has done and Brentwood as well,” Martin said. “We have a lot of jobs here but we want to see it increase.”
Some of those jobs are slated to surface once Amazon’s new fulfillment center in Mt. Juliet is up and running.
“What our main goal is, of course, public safety keeping everyone safe but also creating a lifestyle people can be proud of that small town feel in a rapidly growing city,” Martin said. “We don’t wanna get too big we wanna be that perfect spot for everybody.”
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2020 reports.