SHEFFIELD — Muscle Shoals Holdings is the new owner of approximately 900 acres of property that is part of the Tennessee Valley Authority's Muscle Shoals Reservation.
"We care about the Quad Cities’ success, and selling this property is an economic investment in the community while preserving local recreational opportunities," said David Bowling, TVA vice president for Land and River Management.
Bowling said TVA will retain about 100 acres of the redevelopment area and an additional approximate 1,200 acres located along the Tennessee River, including the nationally recognized Rockpile Recreational Area and buildings that provide workspace for nearly 500 employees.
TVA spokesman Scott Fiedler said the sale opened with a minimum bid of $3.85 million. He said Muscle Shoals Holdings opened the bidding at $4.2 million.
He said there were two other bidders — real estate developer Greg Batchelor and Bank Independent.
The auction ends TVA’s six-year project to prepare the land for sale and complete city zoning requirements.
"The hard work is done and now it is time to see the fruits of our labor," Sheffield Mayor Ian Sanford said. “Hatch Boulevard and Second Street are some of the most heavily travelled streets in our area. With the number of potential customers who drive by this site every day, I’m excited to see the opportunity that the private sector has to develop this site.”