The Metro Council will vote tonight to set a public hearing for August on whether to issue bonds for infrastructure improvements to the massive, 1,100-acre mixed-use Biltmore Ridges project at the intersection of McCrory Lane and Interstate 40.
Late last year, the Council approved a tripartite deal between JMJ Development — the Dallas-based owners of the land — the state and Metro for the developers to pay for the addition of three ramps connecting I-40 and McCrory and the widening of the secondary street.
JMJ bought the acreage from the Branstetter family back in 2005 for $9.5 million and, to date, has left it undeveloped. According to the company's Web site, Biltmore Ridges is:
A 2,000 square-acre residential and commercial planned development located 15 minutes away from downtown Nashville. This project encompasses high-end retail, hotel, office, multi family and single family uses.
JMJ has developed or brokered a handful of higher-end mixed use projects in Colorado, Texas and Palm Springs.
As another testament to their flush equity situation, JMJ planned to buy Italian Serie A soccer team AS Bari in 2009 for $25 million. It appears that deal fell through. Meanwhile, Bari will be relegated to Serie B at the end of the season.