CLARKSVILLE, Tenn. (CLARKSVILLENOW) – The old Kmart building at 2300 Madison Street will soon be home to new retail shops and a restaurant.

Commercial real estate development company Rise Partners from Chattanooga is in charge of the project. Co-founder Matt Phillips said they will use the 86,000 square foot space to create five tenant spaces to be leased to national or regional retailers.

The fuel station in the parking lot of the site, once operated by Kmart, will be demolished to make way for an 8,000 square foot restaurant.

Phillips was unable to confirm any tenants at this time.

Rise Partners plans to begin construction this fall, with tenants opening up shop in the summer of 2019.

The Industrial Development Board says the $12 million capital investment is proposed to generate an estimated $18.5 million in combined annual retail sales, and close to $1.8 million in annual sales.

The Kmart location closed in early 2016 and has been vacant since.