In a surprise announcement Thursday afternoon, Clinton officials announced that an “Agreement to Purchase” has been entered into for the Magnet Mills property on Charles Seivers Boulevard.
The former Magnet Mills Hosiery Mill has fallen into disrepair over the years and has long been a thorn in the side of local officials and citizens, who have decried it as an eyesore and an impediment to development.
In a press release announcing the agreement, Mayor Scott Burton, without identifying the prospective purchaser, described the company as “community-conscious” and said that while the current owner has obtained a permit to demolish the remaining two-story brick structure on the property, the potential new owner has “another multi-use vision for the site.”
The release states that upon completion of the sale and the transfer of the property to the new owner, the city will work with the developer to rehabilitate the site for “future live-work, retail and commercial use.”
The announcement did not include a proposed purchase price and no specific timetable for the transaction to be completed.
(Mayor Scott Burton press release) “A community conscious Knoxville developer has entered into an Agreement to Purchase the former Magnet Knitting Mills site, which has been a topic of conversation, debate, and contention in the Clinton area for several years.
While the current owner has obtained a permit for the demolition of the existing two-story brick building, the potential new owner has another multi-use vision for the site.
Upon completion of the sale and the transfer of the property to the new owner, the City of Clinton will work with the Knoxville owner/developer to rehabilitate the site for future live-work, retail and commercial use. This rehabilitation would include the renovation of the existing building and preservation of Clinton’s downtown.“