Lone Tree Pass Development Set to Transform Downtown Knoxville

Categories: Business NewsConstructionNewsReal Estate & PropertiesRestaurant

Artist's impression of the Lone Tree Pass development featuring restaurants and retail in Knoxville

News Summary

The Lone Tree Pass development in downtown Knoxville is set to bring a mix of restaurants, retail spaces, and housing options by 2025. This $30 million project will feature 57 condominiums and create vibrant community spaces, aiming to revitalize the 200 block of Gay Street. The development pays homage to the historic Lone Tree Saloon and will promote local culture while generating jobs and enhancing the area’s connectivity. As construction progresses, Knoxville residents can look forward to a refreshed downtown experience.

Lone Tree Pass Development Set to Transform Downtown Knoxville by 2025

Exciting times are ahead for the residents and visitors of Knoxville! A brand-new development called Lone Tree Pass is under construction in the heart of downtown, promising to deliver an array of vibrant restaurants, retail stores, and cozy housing options. This project, located at the corner of Gay Street and Summit Hill, is set to breathe new life into an area that was once merely a parking lot.

A Vision for the Future

The ambitious project will kick off with the construction of two primary buildings, with plans for further expansion over the next 30 years. The developers aim to initially create space for at least six delightful restaurants, alongside an assortment of trendy retail spaces, making it a fantastic spot for foodies and shoppers alike.

As part of the Lone Tree Pass development, a total of 57 condominiums will be available. Among these, 53 units will be up for purchase, while four will be reserved as rentals at affordable workforce rates, ensuring that everyone can have a chance to enjoy living in this blossoming area.

Honoring Local History

The catchy name, Lone Tree Pass, pays tribute to the historic Lone Tree Saloon, which thrived in the same location back in the 1880s. There’s something special about preserving memories of the past while forging ahead into the future.

Building Up and Out

As construction crews broke ground 16 months ago, the initial phase of this development is expected to wrap up by November 2024. The plans include a striking seven-story building on the west side and a charming three-story building on the east, together creating a visual appeal that harmonizes with Knoxville’s unique character.

In total, about 22,000 square feet of retail space will be part of this development, designed in a delightful “mini-mall” style. A pedestrian walkway will conveniently connect both structures, featuring retail options on both sides, encouraging foot traffic and exploring all that Lone Tree Pass will offer.

Bridging the Divide

One of the most exciting aspects of this project is how it aims to bridge the physical divide caused by Summit Hill Drive, which currently separates sections of downtown Knoxville. The hope is that the Lone Tree Pass will spark curiosity and stimulate more foot traffic across what’s often referred to as the “Great Divide.” Knoxville residents can look forward to a more interconnected experience as they enjoy all the new amenities and events that will come to this revitalized district.

A Community Focus

This initiative is part of a broader movement to revitalize the 200 block of Gay Street, a location that faced challenges due to disinvestment following the urban renewal era of the 1970s. Creating a lively downtown scene is crucial in boosting local pride while also making the city more inviting to visitors.

Upon completion, the Lone Tree Pass is anticipated to generate around 105 permanent job opportunities, reinforcing the local economy. With a total estimated cost of approximately $30 million, developers are looking into securing tax-increment financing (TIF) as support for funding this exciting project.

A Bright Tomorrow

The design of Lone Tree Pass will strike a balance between urban vibrancy and alignment with the area’s existing character, promoting outdoor entertainment and community engagement. It’s clear that Knoxville is on its way to becoming an even more dynamic and attractive destination for everyone.

So, keep an eye on Knoxville as the Lone Tree Pass development unfolds – it’s all set to transform the downtown experience by 2025!