Gulch-SoBro Pedestrian Bridge Agreement Allows Project to Move Forward, Increases Transit Funds
September 12, 2016
Proposal with owner of Cummins Station would allow for sale of Landport property, create Easement necessary to construct Gulch-SoBro Pedestrian Bridge approved in 2014
NASHVILLE, Tenn. – Metro has moved one step closer to seeing the Gulch-SoBro Pedestrian Bridge become a reality for residents and businesses in these growing neighborhoods.
Metro has reached an agreement with the Metro Transit Authority (MTA) and Cummins Station, LLC which would allow for construction of the pedestrian bridge and plaza at the Cummins Station site.
“Once completed, the Gulch-SoBro Pedestrian Bridge will better connect residents and visitors to these thriving neighborhoods in a way that promotes tourism and economic activity,” said Mayor Megan Barry. “Not only does this benefit our transit network for pedestrians, but the sale of the Landport will result in an infusion of capital funds to MTA that will help to improve transit for bus riders throughout Davidson County.”
Under the terms of the proposal, Metro will purchase the Landport property located at 1011 Demonbreun Street from MTA for the appraised value of $8.4 million. MTA will reimburse the State of Tennessee and Metro Nashville each 10% of the sale price representing their respective interests in the Landport. The funds generated from the sale of the Landport will be used for MTA transit-related capital expenditures. Metro will in turn sell the Landport to Cummins Station, LLC for $7,560,000. In conjunction with this agreement, Metro has negotiated the necessary easements to build and construct the bridge and plaza on the Cummins Station property at a price of $2,662,000.
The Landport property is not impacted by the overall construction or design of the Pedestrian Bridge. It was included in the agreement as a way to relieve MTA of an underutilized asset, generate funds that could be used for transit projects throughout Nashville, and for Cummins Station to recoup parking spots lost by the construction of the bridge or possibly expand the footprint of their building.
“The Landport has been underutilized by MTA over the years, so this deal will help us to put our resources to best use in serving the citizens of Davidson County,” said Steve Bland, CEO of MTA. “While we still must receive final approval from the Federal Transit Administration, we believe that the sale of this property and infusion of funds into our infrastructure are in the best interests of all Nashvillians who use our service.”
The Metro Council approved the Gulch-SoBro Pedestrian Bridge in September of 2014. The debt payments for the land acquisition and construction costs for the bridge will be funded with excess TIF revenues generated by other properties in the Gulch once their TIF loans have been repaid. The design of the pedestrian bridge is still in the preliminary stages, and if this agreement is approved by the Metro Council, Public Works will begin working to engage the community on the final design of the bridge.
Find additional information on the funding mechanism for the Gulch-SoBro Pedestrian Bridge
View conceptual renderings of the Gulch-SoBro Pedestrian Bridge
View Gulch-SoBro Predestrian Bridge Project Page