The City of Brentwood's Board of Aldermen voted unanimously on July 17 to greenlight a transformative $436 million redevelopment agreement with Green Street Real Estate Ventures LLC. The approved plan aims to revitalize the Manchester Road Corridor, encompassing approximately 77.2 acres on both sides of Manchester Road between Mary Avenue (just east of Brentwood Boulevard) and Hanley Road.
This ambitious redevelopment project spearheaded by Green Street will focus on revitalizing over 40 acres of the designated area. To incentivize the redevelopment and ensure its success, the agreement includes provisions for real property tax abatement.
“The Board of Aldermen has made a bold decision to ensure a bright future for the Brentwood community by renewing an area of our city,” said Brentwood Mayor David Dimmitt in a release. “This opportunity was made possible by the Brentwood Bound projects that have helped us overcome some of the community’s long-term challenges, including flooding and public safety."
The City’s Brentwood Bound projects include Deer Creek Flood Mitigation, Manchester Road Improvements, and the Deer Creek Greenway Connector. Construction on these projects began in late 2019 and is due to wrap up in 2024.
The journey to approval began when Green Street Real Estate Ventures presented its proposal for the Manchester Road Corridor Redevelopment Area to the Brentwood 353 Redevelopment Corporation Board on July 19, 2022, followed by a presentation to the Board of Aldermen on August 15, 2022. On August 30, 2022, Green Street held an open house session to engage with community members and address any concerns or queries regarding the proposal.
After careful consideration and public feedback, the Board of Aldermen unanimously voted on September 19, 2022, to designate Green Street as the preferred developer for the Manchester Redevelopment Area, setting the stage for further negotiations.
During a public meeting on June 21, 2023, the Brentwood Redevelopment Corporation reviewed the proposed Manchester Road Corridor Redevelopment Area Development Plan. Following the discussion, the Brentwood Redevelopment Corporation recommended, with a vote of 5 to 1, that the Board of Aldermen approve the plan.
The crucial next step occurred on July 5, 2023, when the Board of Aldermen held a public hearing to evaluate the Development Plan and proposed Master Redevelopment Agreement. During this meeting, the Board conducted the first reading of the proposed ordinance.
Finally, on July 17, 2023, the Board of Aldermen convened again, holding a second reading of the proposed ordinance and, once again, voted unanimously to approve the Master Redevelopment Agreement.
In accordance with the redevelopment agreement, the City has prohibited several types of commercial businesses -- including gas stations, car washes, car repair or sales establishments, drive-thrus, marijuana dispensaries, and manufacturing facilities.
As part of the development arrangement, Green Street has committed to providing the city with a rent-free 500-SF space within one of the new buildings to establish a police substation. The lease will extend for 10 years, with the option to renew for five additional five-year terms on the same conditions.
Additionally, the city has requested a 400-SF area in one of the parking garages for the storage of utility vehicles, also provided rent-free. The lease for this space will be for 10 years, with five opportunities to renew for an additional five years each. The city will bear the costs of insurance and a portion of maintenance for this utility vehicle storage space.
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Feature rendering credit: Green Street Real Estate Ventures LLC