Strategy 5 prepared an economic and fiscal analysis, as well as a market analysis, as part of a study aimed at increasing the tax base of the City of Goodlettsville through zoning changes along the Long Hollow Pike. With a majority of fiscal revenues coming from a local option sales tax driven by retail, the City wished to establish a strategy for capturing growth in this sector. As part of the Nashville MSA, Goodlettsville is part of a fast-growing market that is experiencing significant new residential development with attendant commercial growth as well.
The study was focused on Long Hollow Pike, a major connector that intersects with I-65 and hosts the majority of new upscale residential properties. Strategy 5 recommended analysis of the greater Goodlettsville area in a holistic view of the market and determined that the City could support and attract an additional 500,000 square feet of retail. This equates with approximately $1.25 million in additional tax revenue annually. Targeted zoning changes on property bordering the Long Hollow Pike were recommended to allow additional retail and commercial development. A widening of the Pike was also recommended. Recommendations for both rezoning and widening were adopted by the City and implemented.
The City of Goodlettsville is part of the Nashville metropolitan area. Strategy 5 projects that the city can capture significant new retail development as part of a fiscal enhancement plan, anchored by targeted zoning changes and a widening of the Long Hollow Pike corridor.