The site of a former Franklin motel is close to being sold and redeveloped by a taxpayer-funded organization.
The Franklin Development Corp. made an offer of $175,000 to buy the land near Interstate 65 and State Road 44, where the former Red Carpet Inn was demolished earlier this year. The property is part of a bankruptcy case, but the court has approved a sale, said Craig Wells, president and chief executive officer of the Franklin Development Corp.
Another approval is needed through the court, but the city-formed organization hopes to be able to finalize the sale by the end of the year, Wells said.
The next step would be to redevelop the eastside Franklin property, he said.
The city paid to demolish the former motel earlier this year, after deeming it unsafe when parts of the building were crumbling and in danger of collapsing. The Franklin Development Corp. plans to reimburse the city $80,000 for the demolition, in addition to the purchase of the property, Wells said.
Wells’ goal is to make the property an attractive entrance into the city, because that is one of the first things motorists see when getting off I-65 at the Franklin exit.
He declined to discuss details of any proposals the organization is considering, but said he has had discussions with developers on what could be done with the property.
“We’ve heard some good ideas. It will be a big improvement from what the city has had to endure,” Wells said.