Cookeville establishing a $125,000 minimum bid for the sale of a nearly half-acre commercial property on West Stevens Street.
The city listed the piece of land this week, after City Council agreed to dispose of the property. The approximately 0.48-acre property is zoned General Commercial, but its use will be restricted to residential development or parking for the next 20 years.
Sealed bids will be accepted at the Cookeville City Manager’s Office until 10am Monday, November 16. Prospective buyers must include a 10 percent bid deposit.
The property’s zoning allows residential uses including townhomes, multi-family units and condominiums. Development is permitted at a density of 17 units per acre or 2,500 square feet per unit.
The property is identified as Parcel 20.02 on Putnam County tax maps and as Lot 2 of the Country Bumpkin Lot Line Adjustment Final Plat.