![\"Rise](\"http:\/\/www.clarksvilleonline.com\/wp-content\/uploads\/2019\/03\/Rise-Partners.jpg\" "\\"Rise")
Chattanooga, TN<\/strong> – Rise Partners, an investment group focused on shopping center acquisitions, redevelopments and ground-up development, announced its purchase of the vacant Kmart property on Madison Street, a 95,000 square foot shopping center located in Clarksville, Tennessee.<\/p>\nThis is Rise Partners third acquisition and is a solid fit to its strategy of acquiring premium location redevelopment opportunities. The project is scheduled to be completed this fall, in time for holiday shopping.<\/p>\n
![\"Construction](\"http:\/\/www.clarksvilleonline.com\/wp-content\/uploads\/2019\/03\/Proposed-Clarksville-Commons.jpg\" "\\"Construction")
<\/a>Construction to Begin Immediately at vacant Kmart Property with Five National Retailers Slated to Open by Late Fall.<\/p><\/div>\n
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\u201cWe are very excited to be new members of the Clarksville community,\u201d said Matt Phillips, with Rise Partners. \u201cThis area of Clarksville has tremendous potential and the retailers and restaurants we will bring to the project will be an exciting addition to the community.\u201d<\/p>\n
\u201cThis announcement is a tremendous example of the value the Economic Development Council and its partners place on creating incentive models that attract redevelopment of existing buildings. This vacant home of the former Madison Street Kmart will now create new economic growth, add additional tax revenue to the community and greatly enhance our quality of life,\u201d said Jeff Truitt, CEO of the Clarksville-Montgomery County EDC. \u201cThis investment by Rise Partners is exciting news for our ever growing community as it means new jobs, new development and more choices for our citizens.\u201d<\/p>\n
Construction will begin immediately to subdivide the now-vacant 85,000 square foot building that was formerly Kmart to create five new retail spaces. Rise Partners noted the spaces will be occupied by retailers that will be announced soon. In addition, the vacant fuel center will be replaced with restaurant and retail space.<\/p>\n
\u201cThis is a prime commercial location so it\u2019s great that this corner will return to full productivity, both in terms of service to residents and as a sales-tax generator,\u201d said Joe Pitts, Clarksville Mayor. \u201cMore quality retail and more dining options are always in demand in Clarksville and I think this project is a great fit for our community.\u201d<\/p>\n
\u201cThis project is an important turn around for the Exit 11 area. It\u2019s been three years since the closing of the Kmart store, which is in a highly visible stretch of road,\u201d said Jim Durrett, Montgomery County Mayor. \u201cI\u2019m appreciative of the work that has gone into securing new businesses and jobs and I\u2019m especially thrilled for the residents in that area who will soon have more shopping and restaurant choices. It\u2019s a great benefit to our entire community.\u201d<\/p>\n
Phillips added, \u201cThere are few communities that provide the type of engagement and support we\u2019ve received on this project. We are truly grateful for the leadership by local government leaders.\u201d<\/p>\n
Those interested in leasing information are encouraged to contact Gary Shanks at The Shopping Center Group by calling 615.259.0200 or gary.shanks@tscg.com<\/a><\/p>\n