Melrose Partners — a development partnership formed by Parkes Development and Fulcher Investment Properties more than eight years ago — has finally purchased the former Melrose Lanes in Berry Hill.
According to a Thursday filing with the Davidson County Register of Deeds, the LLC paid $4.7 million for the seven acre site on Franklin Road in Berry Hill.
According to plans submitted to the Berry Hill Planning Commission in January 2011, the partnership plans a three-building development totaling 200,805 square feet, including 10,780 square feet of retail space and nearly 8,000 square feet of restaurant space on the Franklin Pike property.
The basement-level Melrose Billiards will remain untouched. Plans call for two of the buildings to be attached to the current structure, with an entirely new structure built behind the center. Apartments will range from studios to two-bedroom, two-bathroom units.
It is an important step forward for the property, which failed to meet the reserve price at a 2009 auction. Earlier redevelopment plans were scuttled by an Internal Revenue Service lien levied against the land.
The partnership had the land under contract from its previous owner — Melrose Biloxi — since early last year.
Calls to Fulcher were not returned.