BOONE — The vacant 7.88-acre lot at 241 Shadowline Drive has been sold to a Tennessee organization that plans to build a mixed-use space designed for students in the next two years.
The special warranty and non-warranty deeds were processed by Watauga County on July 26, as was a loan taken out by the buyers of up to $39 million from U.S. Bank.
The buyer, Front Street Partners of Murfreesboro, Tenn., d/b/a Shadowline Student Property, is planning to build The Connection of Boone, a $35 million, 275,209-square-foot, five-story mixed-use complex on the property that would include 174 residential units containing 562 bedrooms.
Martin Ing of Murfreesboro, Tenn., is the listed owner of the property on the building permit. Ing is the operating manager of Front Street Partners. Chad Davenport of Southern Building Company, also of Murfreesboro, Tenn., is listed as the applicant on the building permit.
The sale comes after 13 years of ownership by Shadowline Partners, headed up by Vernon Scarborough of Hickory. Scarborough originally bought the unused property with the goal of building a shopping center on the property, but previously told the Watauga Democrat that the financial recession resulted in that idea not happening.
The property’s lone building, the former Shadowline plant that was constructed in 1957 and housed the manufacturing of lingerie and undergarments, was torn down in October 2016.
The property received its B3 zoning approval on May 29, but the building permit has not been ruled on yet, according to the Boone Planning and Inspections office on July 29. Construction can’t begin until a building permit is issued.
According to the building application, planned amenities include washers and dryers in each unit, private bathrooms for all residents, “secured, covered” parking for 345 car spaces, 84 bike parking spaces, a 24-hour fitness center, an outdoor terrace, hot tubs, private study rooms, a clubhouse and coffee bar, among others.
Brian Miller, executive vice president of Front Street Partners, said on July 18 that the plan is to deliver the project by August 2021.