A developer broke ground last Wednesday on a 296-unit apartment community that will come with a road extension of Providence Parkway to Central Pike in Mt. Juliet.
Cumberland Advisors, along with joint venture partner Nicol Investment Company, broke ground on Enclave at Providence Apartments with the first of the apartments available for lease about this time next year and full completion in 2023.
As part of the project, Cumberland Advisors said it is incurring the costs to extend Providence Parkway to Central Pike. The Tennessee Department of Transportation has the funds to install a new interchange at Central Pike which should occur by 2025.
Cumberland Advisors founder and owner Michael Murphy said the road extension has an estimated cost of between $7 million and $8 million. Cumberland Advisors spokesperson Justin H. Wilson also said that landowners in the area are also involved in funding the road extension and that no city funds will be used.
Murphy said this initial phase of Enclave is the first catalyst within Providence Central (a mixed used region in Mt. Juliet).
“Enclave at Providence Apartments will be a world class community that will elevate the quality of life for its residents,” said Murphy.
Mt. Juliet Mayor James Maness, who attended the groundbreaking, said the road extension will open access in the area.
“Cumberland Advisors has been a tremendous partner in working closely with the city to jumpstart Providence Central in a manner that meets the growth needs of the area while investing more to aid traffic flow and accessibility,” said Maness. “This city is burgeoning, and creative and well-planned solutions are imperative to our continued success. Today is a big step in the right direction for Mt. Juliet.”
The road extension is where Providence Parkway ends when it veers left onto North Creek Drive. It will intersect with Central Pike. According to Wilson, the extension will be 3,200 linear feet long.
According to TDOT spokesperson Beth Emmons, engineering for the Central Pike interchange will begin this fall.
“Right of way and construction funding still need to be identified,” Emmons said. “We estimate a five-year schedule to contract letting as a best-case scenario, which is contingent upon available funding in future budgets.”
The apartment campus is planned to have eight buildings and 12,000 square feet of commercial space. Some planned amenities include a pool, grilling and fire pit area, sand volleyball court, entertainment lawn area with a stage, a picnic lawn area and a dog park.
“This groundbreaking is the start of the next phase of Mt Juliet’s next large mixed-use project, Providence Central,” Porter said. “We believe when potential corporate office users travel I-40 and see the construction work progressing on the project there will be increased interest for relocations to the property, which could be the stimulus to potentially accelerate the starting date for the Central Pike/I-40 interchange. ”
Mt. Juliet Chamber of Commerce President Mark Hinesley said the project will bring $6 million in local tax revenue.
Both Maness and Wilson County Mayor Randall Hutto said the development of the area will bring more white-collar jobs to Mt. Juliet and Wilson County.
“This development is a step toward white-collar jobs,” Hutto said. “This is a bright start and an economic advantage for all of us.”