The Town of Franklin is starting negotiations to buy the old Angel Hospital site on Riverview Street.
The Town Council met in a closed session Monday morning followed by a vote on a resolution to authorize the purchase of the 14-acre property. Earlier this year, the council had authorized Town Manager Amie Owens to send a non-binding letter of intent offering $910,000 for the property.
Monday’s vote gives Owens and town attorney John Henning the go ahead to act on behalf of the town.
Owens said they will have 150 days for due diligence to make sure everything is OK with the property and get an environmental review. During that time, the UNC School of Government’s Development Finance Initiative (DFI) is expected to deliver its report to the town on the financial feasibility of the property.
The town contracted with DFI in January to do a feasibility study on the property. Earlier this month, DFI presented their first report, which included a look at housing and retail space needs in the town and county.
Monday’s vote included moving $910,000 from the general fund balance to capital outlay. Owens said $25,000 in earnest money was required to make the offer.
The sale of the property will come with stipulations put in place by HCA, including that the property cannot be used for purposes that would be in competition with services offered by HCA-Mission Health.
Owens said HCA has been looking for a partner that understands the community and its needs, and the town has wanted to have input as it is a large piece of property in the middle of town.
“We know at this point, this would be the best move,” Owens said.
She said there also will likely be conditional zoning considerations for the property depending on the proposed uses. In DFI’s report to Town Council on Aug. 4 they discussed residential use to include multi-family and single-family apartment rentals and homes to buy as well as retail space. Going forward the town will likely consider a public-private partnership to develop the property.
“HCA Healthcare has made a meaningful investment in the Franklin community with the opening of the new Angel Medical Center at 124 One Centre Court. We are pleased that the Town will now be able to repurpose the site of the former hospital in a way that benefits the area,” said Mission Health spokesperson Nancy Lindell.
Reporter Shelby Powell contributed to this report.