CLARKSVILLE, TN (CLARKSVILLE NOW) – The 526-space parking garage for the F&M Bank Arena took another step forward Tuesday morning as the Clarksville-Montgomery County Industrial Development Board approved a guaranteed maximum price for the project.

The guaranteed maximum price for construction has come in under its $18.3 million budget at $17.5 million. The total budget for the project is just over $22 million. That will be paid for by a $14 million grant from the State of Tennessee, with Montgomery County Government covering the remainder. The IDB will own the garage, and will enter into a lease with a private company to manage it.

The board also heard an update Tuesday from the contractor on where things stand, with excavation mostly finished and foundation work coming next. Jordan Wyman with Commonwealth Development Group Inc. told the IDB they expect to have the foundations laid by the end of October. The precast forms should arrive in early November.

Economic Development Council CEO Buck Dellinger said that if those schedules are met, pending any delays for weather or other issues, the garage is expected to open by June 2025.

Dellinger said the planned Riverview Square retail development can’t start construction until space in the garage opens. Because the retail development will be built in the existing Riverview Inn/DoubleTree By Hilton parking lot, the new garage will have to absorb hotel parking before the existing lot is closed for construction.

City parking garage

Meanwhile, the City of Clarksville is nearing completion of a new 587-space parking garage at First and Commerce Streets, connected to the existing Cumberland Parking Garage. It will include a pedestrian bridge from the Second Street level to Franklin Street, immediately adjacent to the planned Performing Arts Center.

Erection of the precast building components is complete. City Project Manager John Hilborn said Tuesday in a statement to Clarksville Now, “We anticipate opening the new parking garage on a specific date still to be determined in late August, assuming there are no unexpected weather, or other project-related delays.”

Clarification: The article has been updated to say the GMP came in under its $18.3 million budget at $17.5 million. The total budget is just over $22 million.

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