CLARKSVILLE, TN (CLARKSVILLE NOW) – Business is booming in Clarksville with recent announcements from Microvast, Daejin Advanced Materials, Ferrari Stampi USA and others.
In addition to those, a $3 billion industrial development could also make its way into the mix. The unnamed company is one in a line of developers eyeing the 420-acre Allensworth Farm.
Interest in Allensworth
The Industrial Development Board exercised its option on Allensworth in May 2019. The property was then purchased by the county last year for $18 million.
While several industries have taken a look at Allensworth, an unnamed $3 billion project is one of the latest and largest to scope out the property for future development.
“That was their second visit to the community,” Josh Ward, director of Economic Development, said at an IDB meeting last month. “That was a very productive meeting.”
Ward noted that County Mayor Wes Golden and Clarksville Mayor Joe Pitts were both present at the meeting in support of the potential development.
If able to secure the project, Clarksville would be home to the second largest economic development deal in Tennessee history, according to an article from the Nashville Business Journal.
Michelle Hueffmeier, spokeswoman for the Clarksville Economic Development Council, told Clarksville Now there has been a lot of interest in the property since the county took ownership and began marketing the land last year.
“The Allensworth property itself, at 420-plus acres, is one of the largest, if not the largest, in the state of Tennessee. So, obviously, it just generates a lot of interest. We’ve really had significant interest over the last year, and that’s just because of the size and nature of the utility needs. We just have it here.”
Larger single piece of land, more opportunity
Hueffmeier explained that those looking at the property have big projects in mind due to the size of the site and acreage available.
“This is strategically intended to be sold as one parcel. So, what that means is we don’t market it to be broken up. So, every single person we have shown this property (to) over the last year and a half has been over a billion dollars.”
She said this property as shown to developers is different from the other smaller parcels. With those, Hueffmeier said, the EDC chooses two or three parcels that could meet the needs of a potential developer based on what utilities, land and amenities they may need. That’s not the case with the Allensworth property.
“We don’t show this one unless it’s a company that has the intent to purchase it in its entirety, so that’s kind of limited to very large projects with very large capital investments.”
There has been interest from multiple developers from several industries, according to EDC officials.
“When you think about normal projects being 20 acres, 10 acres, 15 acres – this is 420 (acres). If and when it happens, it will be a large deal, because that’s the way we strategically intend to market and sell it,” Hueffmeier told Clarksville Now.
Companies investing in large tracts of land typically have development plans spanning years and into decades. With 420 acres available, the sky is the limit for many developers when it comes to the Allensworth property.