JOHNSON CITY, Tenn. (WJHL) – The Johnson City Development Authority’s purchase of the John Sevier Building is almost complete.
Dianna Cantler with the JCDA tells us the authority has signed their portion of the agreement, and now they’re just waiting on the sellers to wrap up their work.
An announcement is expected in the middle of next week.
The JCDA is using a $4.6 million loan to make the purchase possible. Once the deal is finalized, HUD will come in to do an inspection of the building.
It is expected to be developed into a retail and living space.