(March 1, 2007) Franklin, Kentucky.  [From the Franklin Favorite]

After months of speculation, Lowe’s Home Improvement has officially purchased property for a new home improvement store and garden center in south Franklin.

The almost 14.5-acre site on U.S. 31-W south across from Wal-Mart was purchased Tuesday morning from Southern Properties Plaza. Southern Properties Plaza is owned by Mickey Deweese, Dr. Larry Maynard, Nelson McDaniels, Lorin Mullins and Dan Spears.

The site was sold to Lowe’s for $100,000 per acre or $1.4 million. The deal took 21 months to close, Deweese said.

The Lowe’s building’s construction is expected to begin March 12 and be completed by Aug. 9. A proposed store opening date was not available.

May Construction Company of Little Rock, Ark. will build the 111,348-square-foot structure that will house the home improvement store. The garden center will consist of an additional 25,568 square feet.

The Lowe’s being built here is comparable in size to the Bowling Green store, which consists of a 137,000-square-foot home improvement section and a 25,000-square-feet garden center, according to the Warren County PVA office.

When the announcement was made last summer that Lowe’s was planning to come to Franklin, it was estimated that the store would employ about 80 fulltime workers and generate about $20 million in annual sales.

The group that sold the property to Lowe’s also owns about 24 additional acres at the site and hopes to sell the additional property for other business developments. Deweese said one of the three outparcels in front of Lowe’s is on contract to a national restaurant chain.

The city has announced plans to annex the total 38-acre site into the city limits.