TVA Offers Prime Northwest Alabama Real Estate
The Tennessee Valley Authority has engaged CBRE real estate services to market about 900 acres of the utility’s Muscle Shoals Reservation property in northwest Alabama.
MARCH 15, 2017—CBRE’s marketing efforts are expected to lead to an auction of the Muscle Shoals property by the end of the year, and are focused on purchasers who can promote local economic growth in the area. CBRE will begin marketing efforts on March 15, 2017.
TVA will retain possession of the nationally recognized Rockpile Recreational Area and other reservation property in order to provide workspace for more than 600 employees at the site.
“Our primary goal in selling the site is to provide the best long-term economic return to our community while preserving local recreational opportunities,” says Heather Montgomery, TVA project manager.
TVA’s Board declared the property surplus in 2012. In 2015 TVA sold two parcels; one for a flood control levee and another to the TVA Community Credit Union. Montgomery says TVA efforts to sell the property took a two-year pause in order to finalize plans to relocate employees on the site, make property improvements and allow the cities of Sheffield and Muscle Shoals time to complete implementation of zoning for the property.
TVA will determine the initial asking price after the property is appraised and CBRE’s market analysis is complete.
“The property is shovel-ready,” says Mayor David Bradford, Muscle Shoals, Ala. “With a strong local labor force, access to 177,000 homes within an hour’s drive time and industrial-grade water access, the property is prime real estate for businesses who want to come to the quad-city area.”
According to Montgomery, the property’s existing infrastructure—which includes an abundance of road frontage and in-place utilities, along with office, laboratory and warehouse space—could be used for a variety of purposes that include light/heavy industrial, high-tech manufacturing, retail/commercial or recreation. “We will have a better understanding of potential buyers and their property usage as we move through the marketing process,” says Montgomery.
“TVA has a long history supporting our community,” says Mayor Ian Sanford of Sheffield, Ala. “The auction can bring new life to the property by attracting new businesses and jobs—which we need now and into the future.”
Interested buyers can obtain qualifications and property information by calling CBRE at (615) 248-3500 , or contacting company via its website: muscleshoalscbre.com.
The property has been in federal ownership for almost 100 years. TVA’s Muscle Shoals Reservation was instrumental in saving Tennessee Valley farms with its fertilizer production. The property also helped the World War II war effort with munitions production. Neither fertilizer nor munitions are produced at the site today.