The city released the four proposals it received for the Blue Building and adjacent property on Thursday with two massive residential developments topping the list.
Both residential projects include saving the Blue Building and filling it with upscale living quarters and constructing additional townhomes on the vacant land around back.
Investment Partners of McMinnville includes partners Bobby Kirby, Jewell Hale and Lake Kirby. Their project calls for putting 24 condos in the Blue Building itself and building 40 additional townhomes in back.
It also includes a small retail segment in the basement where the Police Department was formerly located that could include a coffee shop, restaurant or bar.
Investment Partners has proposed paying $250,000 for the property. The development has an estimated cost of $13 to $14 million.
“I think we’ve presented a very good plan, a very solid plan, that will be the largest private investment in downtown in 25 years,” said Bobby Kirby. “It will be a great benefit for the city and for economic development. Our plan is to put 24 condos in the Blue Building itself and to build 40 additional townhouses on the property and we’re ready to move forward with it.”
Hickory Creek Capital Partners of Knoxville includes partners Buzz Goss and Kent Leach. Their project calls for putting 40 units in the Blue Building itself which have been described as “residential lofts.”
The project also includes constructing townhomes on the property with small urban yards. It will include public gathering areas and green space.
Hickory Creek Capital Partners has proposed paying $1 million for the Blue Building property and adjacent property known as the old garage on South Chancery Street. Development costs are estimated between $9 million and $12 million for the Blue Building itself, and $15 million to $20 million in all.
“It’s a great property, a landmark structure for McMinnville,” said Buzz Goss. “Your downtown area is very nice but you do need more residential development. What we would be doing is well-suited for your area.”
Goss said he doesn’t know for sure how many townhouses would comfortably fit on the back property at this point, but estimates it to be 40 to 50.
The two other proposals received aren’t in the same ballpark and one doesn’t even include the Blue Building.
McMinnville Aluminum and Vinyl submitted a bid of $50,000 to purchase to old garage property which is adjacent to its business at 220 S. Chancery St. The proposal doesn’t mention the Blue Building.
McMinnville Heritage Preservation, a 501(c)3 nonprofit, submitted a bid of $250,000 to purchase the Blue Building property with a pledge to spend $10,000 to repair the roof. That proposal would still require a private developer to be hired or the building would continue to sit vacant.
Now that the city has released the proposals, the next step is to complete a financial analysis of each of the proposals. The city says this step is currently in progress and is expected to be complete by early next week.
After that, a date will be scheduled for presentations of each proposal. The city says it hopes to schedule the presentations for late next week.
