Just outside Cool Springs, two properties on either side of Dotson’s Restaurant in downtown Franklin will sell at absolute auction Thursday, Aug. 26 2010. The properties were foreclosed on in March after plans to redevelop the land and build a new Dotson’s restaurant fell through, according to local auctioneer Will McLemore, president of Nashville’s McLemore Auctions, which will manage the sale for Pinnacle Bank.
In an absolute auction, the property sells to the highest bidder, with no minimum bid or reserve.
The properties are located along East Main Street, at the intersection of First Avenue South. The larger property — 95 East Main Street — fronts on both East Main Street and the Harpeth River and is well known to locals as the longtime former location of Earl’s Fruit Stand.
The second property is at 99A East Main Street in Downtown Franklin and includes the part of the building currently occupied by Tetelesti, which retails religious home decoration products. The owner of 99A East Main Street also will own a 50 percent interest in the land on which the building is located. Most of that is currently used for parking.
“This property has as much potential as ever to be developed into an asset that will serve those who work downtown and draw others in. It’s just a matter of getting the right people in there with a good plan and the resources to make it happen,” said McLemore. “This is a rare opportunity to obtain prime development land that isn’t available every day,” he said.
“The building at 99A East Main is basically a commercial condominium. The part of the building occupied by Dotson’s is not included in the sale,” said McLemore.
This Downtown Franklin real estate auction will be held at the property beginning at 11 a.m. CDT on Aug. 26, 2010.