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The Tennessee Valley Authority closed a $5 million deal with Muscle Shoals Holdings LLC to acquire 900 acres of prime real estate in the Shoals.
TVA officials said Muscle Shoals Holdings had bid on the property at an auction in April, but the deal was finalized on Monday. Muscle Shoals Holdings LLC is based out of Knoxville, Tn.
"900 acres is a lot of land. My reaction is what are they planning on doing with this," said Sonya Crittenden.
Crittenden works right acorss from the land acuired by Muscle Shoals Holdings along Second Street. Crittenden said she'd like to see more shopping options.
"I'd like to see something like a bridge street type area. Some type Of center for children to hangout and also to keep the money in this area than going to Huntsville to shop," said Crittenden.
Patrick King, a representative with Muscle Shoals Holdings, said he's been taking trips to the Shoals to see what people want the 900 acres to be developed into. He said All options are on the table from possible tech industries, to maybe some spin off automotive businesses to align with the Mazda Toyota plant.
TVA officials said they would keep about 2,000 acres of property including walking trails, and recreational areas at TVA's Muscle Shoals site. David Bowling, TVA vice president of Land and River Management, said " We care about the Quad Cities’ success, and selling this property is an economic investment in the community while preserving local recreational opportunities,"
King said many of the investors want to remain anonymous. He said they will be picky and are in this project for the long haul.