Monroe Buys Old La-Z-Boy Site For $1, Prepares For Redevelopment

WWJ News
November 09, 2019 - 3:16 pm

© Calvin Mattheis/News Sentinel, Knoxville News Sentinel via Imagn Content Services, LLC


MONROE (WWJ) - The City of Monroe has finalized a deal with La-Z-Boy to turn a former headquarters site into stores and homes.

The furniture company, which moved into a new world headquarters building in Monroe four years ago, turned over the former headquarters building along Telegraph Road to city leaders on Friday for the price of $1.

Steve Krull, VP General Counsel & Secretary La-Z-Boy Incorporated, and Monroe Mayor Robert E. Clark finalize conveyance of the property at the closing of the purchase. (photo: City of Monroe)

Monroe officials plan to demolish the old headquarters building in spring of 2020 to clear the entire 26-acre site and redevelop it as part of a "sub-area plan" the city created earlier this year. 

The overall redevelopment plan calls for a combination of retail and residential development, along with the necessary infrastructure. The city is currently working to finalize an agreement with a private party to redevelop the site.

"We couldn’t be more pleased with the cooperation we have received from La-Z-Boy in our efforts to see the site redeveloped in order to achieve the highest and best use for the community’s benefit," Monroe Mayor Robert Clark said in a statement. "Combined with our efforts to increase economic development and redefine the character of the Telegraph Road corridor, the transformation of this site will not only benefit our citizens, but also redefine the identity of the Telegraph Road corridor for decades to come."

Earlier this year the city was approved for a $1.2 million loan from the Downriver Community Conference to assist with the demolition costs. Additional demolition costs will be paid through brownfield bond financing. All of the demolition and site preparation costs are expected to be repaid with tax-increment revenue captured through a brownfield redevelopment plan.

La-Z-Boy has been in Monroe since the company was founded in 1927.