Exciting New Apartment Complex on the Way in Knoxville!
Knoxville, Tennessee, is buzzing with anticipation as a new apartment complex is set to enhance the downtown living experience! Development company Lawler Wood has exciting plans to build an 89-unit apartment complex right at 516 West Vine Avenue, where the current Carpenter’s Union Building stands. This isn’t just any apartment complex; it will include affordable units specifically designed to help those who work downtown find a home close to their jobs.
What is the City Summit Project?
The new project is aptly named City Summit and aims to provide much-needed housing in the vibrant downtown area. Among the 89 units, nine will be designated as workforce housing, which means they will be reserved for individuals who earn 80% of the area’s median income. This initiative will not only make living in downtown Knoxville more accessible but also help retain essential workers in the community.
How Does the PILOT Program Work?
To get this project off the ground, the Knoxville City Council recently approved a PILOT, which stands for payment in lieu of taxes. This tax incentive encourages developers to invest in underutilized areas while ensuring that a portion of the new units remains affordable. Essentially, instead of paying standard property taxes, Lawler Wood will make an annual payment of $21,708.58 during the nine-year PILOT period. This helps build the new apartments while still contributing to the city’s revenue, even at a reduced rate.
Why Does This Matter to Local Residents?
For locals like Darrien Howard, who owns a boutique called Dachè in the Old City, this new apartment complex couldn’t come at a better time. Currently, she lives about 20 minutes away from downtown, and the commute can be quite a hassle, especially when it comes to parking. Howard expressed her excitement, saying, “It would be a game changer for me, just being able to get here really fast and find parking in my home.” She believes that being closer to her shop would not only simplify her daily routine but also boost her business, allowing her to spend more time at work.
The Bigger Picture
This apartment complex aligns with the city’s goal to create more permanent housing options. Howard’s family, like many others, has faced challenges in finding suitable housing in the area. “It was really hard actually moving back,” she noted. The project is timely, with many families searching for homes that fit their needs without straying too far from the downtown workforce.
Construction Timeline
So, when can we expect to see City Summit come to life? Well, construction is scheduled to kick off this week and is anticipated to take about two years to complete. But that’s not all! Another apartment complex known as Vintage Cal is also on its way, featuring 167 units at the corner of State Street and Union Avenue. Just like City Summit, Vintage Cal will reserve around 10% of its units for workforce housing and will include retail and office spaces on its ground level. It’s set to wrap up in early 2027.
Conclusion
With these developments on the horizon, downtown Knoxville is gearing up for an exciting transformation! The influx of affordable housing options will not only provide convenience for workers but also contribute to a more vibrant community. As construction begins, many locals are eager to see how these projects will shape the future of their beloved city.
