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Real Estate - MAY 31, 2019

Historic Tennessee site slated for 16-acre redevelopment

by Released

Developer Mallory & Evans Partners and investor Ozone Capital Management are planning a 16-acre mixed-use development at the historic Kern’s Bakery site in Knoxville, Tenn.

The development will include a 160-unit, 310-bed boutique multifamily community, designed to appeal to millennials and Generation Z — including young professionals and graduate students.

The bakery building is also slated for redevelopment as a 75,000-square-foot retail and restaurant destination, featuring some local businesses.

Developers also expect to build a brand-name limited-service hotel on the site in a later phase.

Construction will be completed in three phases, beginning with the apartments, which will start pre-leasing in the fall. Retail and restaurant development will begin in July. Both phases are expected to be complete by August 2020. The construction timeline for the hotel will be announced at a later date.

The investment was made on behalf of and alongside entrepreneurs, institutional investors, family offices, finance executives and technology leaders, according to Mallory & Evans.

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