MURFREESBORO, Tenn. (WKRN) — After years of planning, a massive development project could be moving into its next phase.

For Murfreesboro's Keystone Project to be completed, the developers need funding to finish two additional phases.

The project is a part of Murfreesboro's efforts to give residents a more vibrant downtown, with less focus on office spaces and more on retail living and dining.

The project will be broken off into three sections. Section one will be filled with 239 multifamily units, and section two will feature 100-unit condos with around 3,000 square feet of retail. Section three will encompass a brand new 115-room hotel with over 7,100 square feet of retail.

In Thursday night's council meeting, leaders said construction for the hotel will begin two years after sections 1 and 2 begin. The city plans to invest $4 million to $5 million in off-site public infrastructure improvements, which will be reimbursed through the city's general fund.

The entirety of the Keystone Project comes to $175 million in capital investment. At a recent council meeting, Murfreesboro leaders found the project is ready to begin phase one of the housing, but the developers need to come up with more money for phases two and three. If not, the property will be returned to the city.

Despite the concerns, the mayor said he's confident the project will be seen through.

"I mean, I don't want that to happen, but if it did happen, somebody will easily step in and take the property that is developed with no cost to go the next phase," Murfreesboro Mayor Shane McFarland said.

The council plans to hear an update at its next meeting in October.

News Source : https://www.wkrn.com/news/local-news/middle-tn-neighborhood-news/murfreesboro-leaders-hear-update-on-keystone-project-developers-look-to-secure-funding/