Knoxville’s commercial real estate market has recently seen a flurry of high profile apartment deals with three of the eight largest apartment communities in Knox County sold since January. Expect mutli-family housing to continue to be hot, as 2013’s largest new building projects open their doors.
While housing isn’t the largest project
represented, half of the projects in the top 20 are for homes and apartments with several more for retail sites looking to locate nearby. Areas around campus saw the most activity.
Heading the list is the $27 million wastewater treatment plant under construction in Pigeon Forge, which is planned to in 2015. It’s been in the works since 2010 when the city borrowed $45 million for the project, which was needed to support continued development driven by the area’s tourism industry.
The next project on the list should also open its doors in 2015. The main $24.5 million permit for a new Alcoa High School was filed last July, but expect additional work to bump up that total. Three building phases are planned and entire project is valued at $30 million. Awebcam has been set up for the community to monitor construction progress.
Third on the list is the much anticipated University Commons retail development, anchored by Walmart and Publix, that has transformed the former Fulton Bellows site near the University of Tennessee. Multiple permits were filed on the project last year, totaling $18.8 million and developers are aiming for an August opening to coincide with student returning for fall semester.
At No. four is the first housing item on the list. The $18.5 million Wellsley Park At Deane Hill is a 249 unit apartment complex.
Rounding out the top five is the Ridge at Hamilton Crossing in Alcoa. The $16.3 million complex will be completed early next year, according to contractor Hathaway Construction, but is expected to offer some apartments starting in August.
While their estimated costs don’t reach double digits, four single-family subdivisions also made the list:
Valley View Farms a $6.4 million project in Maryville and three in Farragut — Bidgemore, a $5.8 million project, The Cove at Turkey Creek, a $4.3 million project and Baldwin Park, a $4 million project
For the complete list of Knoxville-area new building permits, visitwww.knoxvillebookoflists.com.