Bob Mohney of Homestead Land Holdings and developer of Brookmere subdivision, to be built along Virtue Road at an estimated cost at more than $10 million, said Phase I construction is scheduled to start sometime this summer.
While Farragut Board of Mayor and Aldermen approved a cost share agreement with the developer to improve Virtue Road during its meeting June 14, Farragut Municipal Planning Commission voted unanimously to recommend approval of Lose and Associates Inc.’s preliminary plat for Phase I during FMPC’s meeting Thursday, June 21.
“The Town of Farragut is currently designing for future improvements to Virtue Road from 700 feet south of Kingston Pike to the end of the former Harville tract (owned by Homestead Land Holdings), approximately 2,850 feet in total length,” Town administrator David Smoak told BOMA, adding the developer will pay Farragut a one-time fee of $3,988.01 for each of the 142 buildable lots on the Harville tract, which comes to $566,297.42.
According to Darryl Smith, Town engineer, the Town budgeted $425,000 for engineering on the Virtue Road project in FY 2018, $450,000 for right of way in FY 2019 and $2,300,000 for construction in FY 2020 — which totals $3,175,000. If the developer pays $566,297.42, that would be 17.8 percent of the total cost.
Russ Rackley, owner of Rackley Engineering, proposed adding some curves in the development during the FMPC meeting, which would help save some trees and add a traffic-calming measure, and reduce the speed limit from 35 to 25 miles per hour.
Bart Hose, assistant Community Development director, said Community Development director Mark Shipley and Smith both opposed the curve at a crest, citing its site distance for travelers.
Rackley said his staff met with Smith and revised the plat, trying to relocate the curves. Still, he said, three curves remained.
“I’m not really comfortable going against Darryl,” FMPC Chairman Rita Holladay said, with Commissioner Ed St. Clair agreeing.
However, after studying the plat, street by street, Commissioner Louise Povlin moved to approve the plat on the condition the developers address the staff’s other comments, and FMPC voted unanimously in favor of the preliminary plat motion.
Among other FMPC actions:
• approved unanimously a re-subdivision plat to split parcels of property, which is being developed by Watt Road Investments as a Planned Commercial District behind Little Joe’s Pizza off Kingston Pike and South Watt Road. Multi-family residences, retail shops and a grocery store are planned for the site.
“So, it doesn’t affect the open space requirements on this, splitting it like this?” Commissioner Rose Ann Kile asked.
“That’s one of the things were working on with the Town attorney on the easement aspect,” Hose said. “This does meet the provisions for internal subdivision like this. From the planning standpoint, we are looking at the entire development together.”
Hose said for financing purposes, the developer wants to divide the parent tract into two parcels. One parcel would include multi-family portion, and the other including the commercial portion.