RUTHERFORD COUNTY, Tenn. — The Rutherford County Commission has taken another significant step toward purchasing the former Bank of America building on East Main Street, advancing the proposal into its design and due-diligence phase. Negotiations began in August, and the seller has since agreed to reduce the building’s price by $1.2 million, lowering it from $9 million to $8.2 million. County leaders say the building’s close proximity to the historic county courthouse—only 336 feet away—makes it a strategic location for consolidating multiple county departments into a single, centralized office hub.
While the reduced purchase price is substantial, the total project cost is estimated at about $17 million once a full renovation and interior overhaul are factored in. County Commissioner Rick Hall has voiced concern about the financial impact… Hall argued that the buy would represent the highest purchase price for a building of this size and in this area.
The building measures nearly 29,000 square feet, and based on its current condition—without renovations—the county appears to be approaching a purchase price of $275.86 per square foot. However, once the county's planned renovations are factored in, the total projected cost rises significantly… That’s an estimated $586.20 per square foot.
Property records show the building, originally built in 1975 as Commerce Union Bank of Rutherford County, last sold in 2022 for $3.4 million to MAC 3 PROPERTIES LLC. If the county finalizes the purchase within the next several months, the seller could net an estimated profit of $4.6 million, marking a 135% return on investment in just four years.
Despite those concerns, commissioners voted 20–1 Thursday night to move the project into phase two, enabling architectural planning and space design to begin. County officials emphasized that moving forward with the design phase does not obligate the county to complete the purchase—but once earnest money is placed, those funds could be forfeited if the county ultimately chooses not to proceed. The debate over cost, return, and long-term value is expected to continue as the project moves into deeper evaluation.
