Greystar Development plans to build a new student housing complex with around 700 beds, after demolishing a shopping center on Cumberland Avenue.
KNOXVILLE, Tennessee – Students in Knoxville may soon have another choice of where to live when a student housing project is completed on Cumberland Avenue.
Greystar Development plans to build a new student housing community after demolishing an old shopping center. Records show that the project is expected to have around 700 beds for residents, as well as an outdoor courtyard, swimming pool, fitness center, study rooms, computer rooms, ‘a games room, a lounge area and a fireplace.
It will be built after the demolition of a shopping center including Subway, Jason’s Deli, Domino’s, The Hookah Hookup and two vacant locations. A retail space will be built on the ground floor of the project, according to records. The alley near the mall will also remain open and the building will be built on it.
There will be a total of 509 parking spaces and 201 bicycle parking spaces.
Construction is expected to be completed by summer 2023, according to records. It is expected to cost around $ 93 million. Records also show that the project is expected to create more than 150 construction jobs and 25 permanent jobs.
The developers also said they plan to keep Jason’s Deli and Subway in the new retail space. They said the project would also make the Cumberland Avenue area more pedestrian-friendly.
They said the project would also increase the property’s value to around $ 82 million, a significant increase from its current value of around $ 3.8 million.
As a result, they said the city could expect $ 814,268 in property taxes after the PILOT term ends – a funding program intended to induce developers to carry out projects. It stands for “payment in lieu of taxes” and as part of the program, the City of Knoxville Industrial Development Board owns the property and leases it to Greystar for the project.
Knox County can expect $ 700,645 in property taxes, according to records.