Morristown officials break ground on massive new development

Morristown officials break ground on massive new development

Posted:
Officials in Morristown broke ground on a major new commercial development Wednesday morning called The Downs at Wallace Farms. Officials in Morristown broke ground on a major new commercial development Wednesday morning called The Downs at Wallace Farms.
The first phase is made up of retail space, office parks and multi-family residential. The first phase is made up of retail space, office parks and multi-family residential.

By DREW GARDNER
6 News Reporter

MORRISTOWN (WATE) - Officials in Morristown broke ground on a major new commercial development Wednesday morning called The Downs at Wallace Farms. It surrounds the Interstate 81 and Highway 25E interchange.

The land has been owned by the Wallace Family, owners of Wallace Hardware, for several decades, long before Interstate 81 cut a path through the county.

"We're hoping to put something together that our citizens will be proud of and will bring jobs and more retail stores and outlets to Morristown," said Doyle Wallace, Managing Director of Wallace Farms, LLC.

The family decided to move forward with the project when TDOT announced it was reconstructing the interchange.

The first phase is made up of retail space, office parks and multi-family residential.

"It's going to bring people into our city that we might not have seen otherwise," said Morristown Mayor Danny Thomas.

Thomas says he has long hoped for a development like this to welcome visitors off the interstate.

"When someone drives off the interstate the first thing they see is going to be the first impression of your city, so if you have a clean up-to-date nice environment, they may want to come on into the city," said Thomas.

The city helped get the ball rolling by offering a tax incentive financing plan that allowed developers to begin installing the infrastructure for the project.

"At no cost to the city we just delay the tax until that infrastructure is paid for," said Thomas.

After the first phase is complete there is room for the development to expand both north and south of the interstate for even more uses.

"We would love hotels, apartment complexes or to have some medical offices that come in and occupy some of this," said Wallace.

Two existing businesses have already relocated into the development, and they are hoping more will follow soon.

Wallace Farms already has contracts pending with two more businesses, a gas station and a popular fast food chain.

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