MADISON, Tenn. (WKRN) – A proposed development aims to breathe new life into the Madison community.

“If you recall the concrete parking lot on Charlotte Avenue that became Capitol View, that’s the best way for me to kind of describe what’s going to happen,” said Metro District 8 Councilmember Nancy VanReece. “Because when you walk into Capitol View and you see restaurant you see retail, you see business, you see condos, and you see apartments, and you see a park, and that’s kind of got the bones of what it might feel like whenever we’re completed.”

Madison Station project is a mixed-use development being proposed for 32.4 acres at 721 Madison Square. It’ll have between four and seven stories of residential, retail, and office space along with up to 170 affordable housing units. Developers are also proposing some public improvements, including 2,450 linear feet of public streets, a neighborhood transit center, multiple pocket parks, event plaza and a pedestrian-friendly, public greenway.

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VanReece said it’s been years in the making. Wednesday, the Metro Industrial Development Board had a second discussion of the Madison Station Economic Impact Plan.

“The first conversation on that went very well. Several members of the community, wrote in both to the mayor’s office and directly to the head of the IDB saying what this is awesome. And now here we are scheduled for one more discussion, making sure that the economic impact is exactly what we’re projecting it to be. And we’ve been able to get the support of the finance department and the mayor’s office and Metro legal. As soon as IDB gives it their stamp of approval, then the Metro Council can look at it at the upcoming meeting,” said VanReece.

The IDB gives governments the authority to pledge new incremental tax revenues arising from the redevelopment. That tax increase is subject to the economic impact plan to pay the cost of projects and public infrastructure or to pay the debt service on bonds or other obligations.

A third party Economic Impact Analysis of Madison Station showed the $631.4 million investment is anticipated to create hundreds of jobs during constuction and after the project gets complete.

“Right now, that slab of concrete is generating about $188,000 a year in property taxes. Okay, when this is over the anticipated to produce over $245 million in new property taxes over the 30 year payback period. So that is a significantly I mean, obvious investment to make, right,” said VanReece.

The IDB has to approve the economic impact plan first before it goes before Metro Council.

“Thirty-two acres is an extremely large parcel. It’s the largest parcel in the county, that is zone. Base zone ready for this. And so to have a group of owners that are capable and willing to invest in our communities is amazing,” said VanReece. “They’re all in on Madison, they’ve also purchased the due west plaza at Due West and Gallatin Pike. And so they’ll be trying to make sure that they are good stewards of the whole corridor. So it’s very exciting.”

She said they’re also trying keep the needs of current businesses in mind as well.

“All of the businesses that are there now will be able to remain in place, particularly through phases, one, two, and even three,” said VanReece. “But even as the old buildings come down for replacement, they’re going to be offered opportunities to stay. And so, in particular, there’s a lot of cultural impact in Madison, from the Roots Beauty Salon, and from Garden fresh market, they’re not going anywhere.”