Mayor Megan Barry has but the Sobro/Gulch pedestrian bridge project back into the spotlight by developing a three-way deal.
The deal would include Metro Transit Authority and the owners of Cummins Station.
The city reached an agreement with the two allowing 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.”
The city included a deal with MTA to give back some parking spaces to Cummins Station, and to relieve MTA of an under-used piece of property.
Under the terms of the proposal, the city 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.
