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Seven Parcels of Undeveloped Land Watt Road and Hickory Creek Road Knox Co

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Seven Parcels of Undeveloped Land Watt Road and Hickory Creek Road Knox Co Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 SEVEN PARCELS OF UNDEVELOPED LAND WATT ROAD AND HICKORY CREEK ROAD KNOX CO. AND LOUDON CO., TENNESSEE October, 2005 www.WattRoad.com Office 713-828-1751 Fax 832-201-0337 Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 SEVEN PARCELS OF UNDEVELOPED LAND WATT ROAD AND HICKORY CREEK ROAD KNOX CO. AND LOUDON CO., TENNESSEE IDENTIFICATION OF THE SEVEN PROPERTIES Tax Land Deed Tract Identification Area (Ac.) Owner Ref. Zoning 1 141/067.01 1.11 Palmer Properties, L.P. 2166/44 CA (Knox County) 2 141/068 9.94 Palmer Properties, L.P. 2166/52 CB (Knox County) 3 151/001.02 4.62 Palmer Properties, L.P. 2166/48 CB (Knox County) 4 007/012.00 1.30 Palmer Leased Properties 233/664 C-2 (Loudon County) 5 007/013.00 1.06 Palmer Leased Properties 233/664 R-1* (Loudon County) 6 007/014.00 16.70 Palmer Properties, L.P. 217/731 R-1* (Loudon County) 7 007/016.00 8.10 Palmer Properties, L.P. 233/628 C-2 (Loudon County) The seven vacant land parcels are located south of the Interstate 40/75 & Watt Road Interchange. Three of the parcels are located in Knox County, Tennessee, and each of the parcels features access and frontage to Watt Road. Watt Road is the primary north-south thoroughfare to this interchange area and it provides easy access to Kingston Pike (Highway 70) to the south. Kingston Pike is the primary east/west thoroughfare for west Knoxville and serves as the center for retail, office, and commercial development for the west county sector. The remaining four parcels are all located west of the Knox County parcels in Loudon County, Tennessee. Three of these parcels feature frontage and access via Hickory Creek Road. The remaining parcel is situated between one of the Loudon County tracts and one of the Knox County tracts, but is isolated from any direct road frontage or access. Hickory Creek Road is a rural, two-lane asphalt paved road with a low traffic volume. It runs in a northeast-southwest from Watt Road to Highway 321 in Lenoir City, Tennessee, some 6.5 miles southwest of the subject area. Highway 321 serves as the primary commercial corridor of Lenoir City. The neighborhood is bisected in an east-west direction by Interstate 40/75, providing convenient access to Lenoir City and the downtown Knoxville area, as well as the east and north Knox County sectors. Interstate 40/75 splits into I-40 east and I-75 north in the downtown area. Interstate 40/75 had a daily traffic volume of approximately 137,000 vehicles per day through the subject neighborhood in 2002. www.WattRoad.com Office 713-828-1751 Fax 832-201-0337 Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 DEVELOPMENT AND LAND USE Development along the Watt Road interchange is predominately targeted toward the transient nature of this location, primarily truck transportation. Three of the four quadrants surrounding the interchange are improved with truck stop service plazas that encompass fuel sales, restaurants, showers, drivers’ lounges, truck parking, etc. Additionally, there are some newer commercial and light industrial facilities within the southwest quadrant of this interchange. Steep topography and limited availability of utilities has precluded large-scale development of the northwest quadrant of this interchange, but a truck oil change facility, a truck wash facility, and some light industrial and commercial uses do reside in this quadrant, as well. Land uses north of the interstate are primarily rural residential, with recent land sales occurring that are indicative of future residential development. Suburban residential development is the primary land use south of the subject both along Watt Road and Kingston Pike. The community surrounding the Watt Road/Kingston Pike interchange is known as the Dixie Lee Junction area. The junction is formed by the merger of U.S. Highway 11 and U.S. Highway 70 generally between Lenoir City and Farragut. In past years the area was sparsely developed, however, expanding growth from the West Knoxville and Farragut areas is apparent and both commercial and residential development of this area is on the rise. The Avalon development is a recently developed upscale single-family and condominium golf course community located in Loudon County along U.S. Highway 70 approximately one mile west of Dixie Lee Junction. www.WattRoad.com Office 713-828-1751 Fax 832-201-0337 Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 DESCRIPTION OF TRACT 1 ~ KNOX COUNTY PARCEL 141-067.01 Watt Road at Hickory Creek Road. Approximately 1.1 acres, 48,000 sq. ft. There is no excess or unusable land area. The site is irregular in shape. Topography of the site is generally cleared and level and at road grade. Water, electricity, phone, and natural gas utilities are available to the property in adequate quality and quantity to service the highest and best use of the site. Sewer is available approximately 300 ft. away. For sewer services, the sewerage would have to flow into a pump station located on the north side of Petro Truckstop and be pumped up the hill(south) to a gravity line. FLOOD PLAIN Community Panel No. 475433-0165B Date 05/16/83 Flood Zone Zone C – Subject is not located within any 100 or 500-year floodplains. CA – General Business Zone. This classification is designed for general retail business and services. www.WattRoad.com Office 713-828-1751 Fax 832-201-0337 Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 DESCRIPTION OF TRACT 2 ~ KNOX COUNTY PARCEL 141-068 Along east side of Watt Road. Approximately 9.9 acres, 433,000 sq. ft. There is no excess or unusable land area. The site is irregular in shape. Topography of the site is generally heavily wooded and rolling to steep terrain, with most of the parcel situated above road grade. Overall, the topography of this site and the presence of the power line easement are factors that could affect the economic feasibility of the site’s development. Water, electricity, phone, and natural gas utilities are available to the property in adequate quality and quantity to service the highest and best use of the site. Sewer is available approximately 300 ft. away. For sewer services, the sewerage would have to flow into a pump station located on the north side of Petro Truckstop and be pumped up the hill(south) to a gravity line. FLOOD PLAIN Community Panel No . 475433-0165B Date 05/16/83 Flood Zone Zone C – Subject is not located within any 100 or 500-year floodplains. CB – Business and Manufacturing Zone. This classification permits a wide range of business uses that attract large volumes of vehicular traffic. www.WattRoad.com Office 713-828-1751 Fax 832-201-0337 Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 DESCRIPTION OF TRACT 3 ~ KNOX COUNTY PARCEL 141-067.01 Along the west side of Watt Road. Approximately 4.6 acres, 200,000 sq. ft. There is no excess or unusable land area. The site is irregular in shape. Topography of the site is gently rolling and wooded. The site is at road grade at the northern portion of the tract, and rises to approximately 20 ft. above road grade at the southern boundary. Water, electricity, phone, and natural gas utilities are available to the property in adequate quality and quantity to service the highest and best use of the site. Sewer is available approximately 300 ft. away. For sewer services, the sewerage would have to flow into a pump station located on the north side of Petro Truckstop and be pumped up the hill(south) to a gravity line. In addition to this site’s vacant Watt Road frontage, it also has extensive frontage along Old Watt Road, an unpaved road that encircles the remaining sides of this parcel. The appraisers believe this road has been closed and the right-of-way may be available for purchase, which would enable the property owner to have contiguous ownership with the adjacent tract to the west, Loudon County parcel 007-016.00. The power line easement may affect this site’s development to its highest and best use. FLOOD PLAIN Community Panel No . 475433-0165B Date 05/16/83 Flood Zone Zone C – Subject is not located within any 100 or 500-year floodplains. ZONING Zoning District CB – Business and Manufacturing Zone. This classification permits a wide range of business uses that attract large volumes of vehicular traffic. www.WattRoad.com Office 713-828-1751 Fax 832-201-0337 Palmer Group 2832 N. Peach Hollow Circle Pearland, Texas 77584 DESCRIPTION OF TRACT 4 ~ LOUDON COUNTY PARCEL 007-012.00 14224 Hickory Creek Road. Approximately 1.3 acres, 57,000 sq. ft. There is no excess or unusable land area. The site is irregular in shape. Topography of the site is level to gently rolling and at road grade along Hickory Creek Road. Water, electricity, and phone utilities are available to the property in adequate quality and quantity to service the highest and best use of the site. Natural Gas & Sewer utilities are not available to the site. This site contains an old residence that contributed no value to the property. Overall, there are no known factors which are considered to prevent the site from development to its highest and best use, as if vacant, or adverse to the existing use of the site. FLOOD PLAIN Community Panel No. 470107-0050B Zone C – Subject is not located within any 100 or 500-year floodplains.
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