Clarksville: Calculated approach paying big dividends
Writer: Ryan Gandolfo
July 2024 — A string of development successes and a targeted approach to growth are spurring eye-catching results in Clarksville, putting Tennessee’s fifth largest city on the map as both a future economic hub and a model city for the nation.
“There is not a better time than right now to come to Clarksville, Montgomery County, and invest and start a business,” Clarksville Mayor Joe Pitts told Invest:. “Newcomers will find a welcoming community that is hungry for new opportunities, innovation, and research and development.”
Forward-thinking companies are choosing Clarksville-Montgomery as their strategic hub of the future, creating thousands of new jobs and attracting new residents to the area. In turn, Clarksville is leveraging its economic prowess to revitalize downtown retail and outdoor spaces and serve as a model for quality of place in the United States.
Home to more than 240,000 residents, Montgomery County, and its sole incorporated municipality Clarksville, is considered the second-fastest growing metro statistical area (MSA) in the United States. Forty miles northwest of Nashville, the area has benefited from stellar job growth (9.1%) while offering residents a noticeably lower cost of living compared to the national average, according to the Clarksville 2023 Annual Report.
“We are constantly identifying ways to help the demands of a growing population. This is vital as we monitor our soaring growth trajectory and embrace our distinction as the Tennessee city with the fastest annual population growth,” said Mayor Pitts in his Annual Report message.
The area has seen impressive economic development that has transformed it into an advanced manufacturing hub. In November 2022, leading global chemical company LG Chem announced an investment of $3.2 billion to establish manufacturing operations in Clarksville, setting a record for foreign direct investment in the region at the time. The cathode manufacturing facility in Clarksville supports the EV battery value-chain in the United States and is projected to bring 860 new jobs to the county.
Half a year later, Dongwha Electrolyte USA Corp., another major player in the green energy sector, announced a $70 million investment for an Electrolyte (a component of a lithium battery) plant in Clarksville, further cementing the area’s status as a hub for manufacturing and innovation. Additionally, Kewpie Corp, the renowned Japanese food company, made plans to expand its U.S. subsidiary Q&B Foods to the Clarksville-Montgomery County Corporate Business Park by investing $65.2 million in a new food production plant.
Key attributes of Clarksville-Montgomery County that have attracted global companies such as these include the region’s strategic location, skilled workforce, and pro-business environment.
“Many of my fellow mayors in Tennessee express envy over our streamlined responsibilities, some coordinating with five to 10 cities. Our unified approach in Clarksville-Montgomery County fosters collaboration over competition, which greatly benefits us all,” County Mayor Wes Golden told Invest: “One advantage we have is our industrial park, spanning eight miles by three miles, and situated entirely outside the city limits. Recent developments, such as the LG Chem groundbreaking and the opening of several restaurants in downtown Clarksville, as well as Old Glory Distillery’s new restaurant and event space near Exit 4, have contributed to our growth.”
The industrial boom and an increase in household income has had a ripple effect, sparking a wave of downtown revitalization projects aimed at enhancing the quality of life for residents through new retail, housing, and entertainment projects, breathing fresh life into the city.
A prime example is the F&M Bank Arena, a state-of-the-art, 6,000-seat multipurpose event center that has quickly become a cornerstone of the downtown entertainment scene. Since opening in 2023, the arena has been a vibrant addition that draws both locals and visitors for Austin Peay State University basketball games, rodeos, concerts, and conventions. The venue also hosted its first Arena Football League game in May 2024, featuring the Nashville Kats.
With F&M Bank Arena bringing new entertainment to downtown, there has been an intentional focus on bolstering the city of Clarksville’s food and beverage scene. Across the street from the arena, a three-story restaurant development named Shelby’s Trio was built along with Riverview Square, a 45,000-square-foot restaurant and retail space that includes the renovation of its existing hotel into a 156-room full service DoubleTree by Hilton Clarksville Riverview.
The developments going up around Clarksville can be attributed in part to the Clarksville-Montgomery Economic Development Council’s Tax Increment Financing (TIF) program that has been in the works for close to a decade. Many of the projects taking shape today fall within the Civic Plaza Development Area and Turnbridge/River District – two sites identified as TIF districts to fiscally encourage the revitalization of downtown Clarksville. By leveraging future tax revenues to finance current improvements, TIF districts have enabled Clarksville to spur significant new projects.
“TIF is a critical component in providing additional funds to make a Project pencil when the underwriting of a project is stressed,” Buck Dellinger, president and CEO of the Clarksville-Montgomery County Economic Development Council, told Invest:. “While it’s impossible to eliminate all risks – TIF provides the last element in the capital stack, essential to make the project work.
Residential and mixed-use developments are also on the rise. Projects like those by Christian Innovative Enterprises and Millan Enterprises are adding modern housing options to meet growing demand.
The Black Oaks development includes a proposed 451 residential units, ranging from townhomes and senior living residences to multifamily units, along with 47,500 square feet for commercial development. Among the 45.5 acres used for development, nearly one-fifth will be reserved for open space, according to meeting minutes from the Clarksville-Montgomery County Regional Planning Commission.
A key focus of the development is to build a pedestrian centric neighborhood with a variety of housing choices and retail amenities that enhance mobility. Given the city’s rapid growth, vehicular accidents have also risen – prompting the rollout of its Safe Streets for All safety action plan that aims to eliminate roadway deaths by 2050.
“A place worth visiting is a community you want to live in”
Another development set to reshape the figure of downtown Clarksville is The Millan Center, a 340,000-square-foot multilevel mixed-use building, featuring 160 residential units and 15,650 square feet of commercial space.
“We’re so excited to start the beginning stages of our dream project. For years, we’ve been affirming our desire to be a part of Clarksville’s revitalization, specifically downtown. This project will be a huge step toward that goal aesthetically, economically, and intentionally. We’re proud to have such a strong and compassionate team to help us start this journey – because this is just the beginning,” said Chief Member Leo Millan about the opportunity the Millan Center brings to downtown Clarksville.
Named the No. 1 Best Place to Live in America by Money.com in 2019, Clarksville stands out as a dynamic community that merges modern growth with historical charm. More recent accolades, including being listed among The South’s Best Cities On The Rise by Southern Living in 2024 and the Mac Conway Award from Site Selection in 2023 for its economic growth and development.
Clarksville attracts a diverse population, from millennials to retirees, offering a vibrant community with year-round festivals, entertainment, and a strong sense of community.
Despite its rapid growth, the overall crime rate in Clarksville has trended lower over the past five years, falling 24% from 2019 to 2022. The Clarksville 2023 Annual Report emphasizes efforts to enhance public safety through various initiatives and improvements in law enforcement practices. For instance, the city has invested in new technology and community policing strategies aimed at reducing crime and increasing public trust.
With a continued focus on strategic economic development and efforts to enhance the quality of place, the region is well-positioned for sustained growth and prosperity. Local leaders are optimistic, envisioning a dynamic, inclusive, and vibrant community.
“We often say, ‘A place worth visiting is a community you want to live in.’ The EDC vision is to increase our commercial attractiveness with premium shopping and restaurants while driving development to attract new citizens with job opportunities, attainable housing options, and critical amenities like quality schools and childcare,” said Dellinger.
Images provided by Clarksville-Montgomery County Economic Development Council
For more information, please visit:
https://www.clarksvilletned.com/
https://millanenterprises.com/
