Reqas Square The Overlook

The Crozier Residential growth downtown started slowly in the early 2000s, gained traction within about fi ve years, and picked up steam in the last couple of years as accelerated growth has been observed. Technical Report Series Based on the many projects in the development pipeline and the inventory of additional underutilized properties in the area, we expect to see continued housing growth that will strengthen our DOWNTOWN already vibrant downtown. KNOXVILLE HOUSING City House MARKET

METROPOLITAN PLANNING COMMISSION

The Metropolitan Planning Commission assembles and maintains technical reports, development activity reports, demographic data, and other publications detailing economic activity in the City of Knoxville, Knox County, and the metropolitan area. Visit our website (www.knoxmpc.org) for more information.

July 2018

Jeff Archer, Principal Planner Terry Gilhula, Research Manager Nick Schoenborn, GIS Analyst jeff [email protected] [email protected] [email protected] (865) 215-3821 (865) 215-3819 (865) 215-3805

Suite 403 • City County Building • 400 Main Street • Knoxville, Tennessee 37902 • (865) 215-2500 • www.knoxmpc.org Map 2: Downtown Knoxville Underdeveloped Property

Downtown Knoxville is a vibrant activity center. A key component to N T R Y L AN S T P H ON S Y E DOL EMOR V A A IA L P its success has been residential growth through public and private L H E Propery Types KING ST H S V O U T A Property Type M E F LL E V E C E FIFTH AVE S AF B O E MAGNOL F S N L P sector investment partnerships. These collaborative efforts O A T O OR SurfaceP Parking Lot S AM M K E ID C R C MO E A A N GAY ST J S E S T R D Vacant/Underdeveloped IFTH AVE G T have resulted in redevelopment and conversion of older A R W F N S T E V OGDEN A multi-story structures and, most recently, new N W O C L S AVE L S E I T N W P E DANIEL T ATT construction. Investments in downtown’s AV R A TH O F L N FI S W S T B T infrastructure and non-residential properties, L MAGNOLIA AVE A C W

K RICHARDS ST E S V L T A U

O VAN ST T C O DR L such as retail shops, restaurants, and K P HILL A AV E IT E D N MM P W GAY ST SU O STATE E W

E offices, have bolstered the area’s L

L I40 ST ¨¦§ D housing market, as has R E V J A N A

Y O M S S A K S investment in adjoining C E H W A C J S A E D W N L A W L E T O V O areas, such as the University of OAK AVE E A R H R IN A I F V T B W L E F A S N P ME TU T K L S Tennessee campus, Cumberland IP A VE W D B W SUMMIT HILL DR Y R R E O V A E A LL Avenue, Downtown North, A N AV D W O NI W U

A Magnolia Avenue corridor, and Y E E AV AV H E WESTERN AVE NCH C AV I R the South Waterfront. D H CL HU AN E C R N E G L E Y VE W S A MARKET ST H O T RC E R HU L C AV D PA W T IR R S S FA K E R D O R F W A L VE N L A L U IL OCUST ST T H AVE S E HIGHLAND TWAVE T ELFTH CLINCH VE L A IL ST ELEVENTH ST IN W H ST MA

FOURTEE

R D LAUREL AVE D AN NTH ST YL E NE AV J ILL A MAIN ST H M W E S POPLAR S A G E WHITE AVE E S T T M S E AVE I CUMBERLAND AVED S G D T FRONT A L A E B Y

D R S O R T O K R C D I R L C P L E IL D C R ¯ N U O C

2 15 FUTURE DEVELOPMENT This technical report examines Andrew Johnson Building Southeastern Glass Company Future residential development in downtown includes 16 announced projects, Knoxville’s downtown residential contributing 1,183 new units to the existing inventory (Table 5): growth in detail, examining the current • New apartments will outpace owner-occupied units by more than 4 times. housing inventory, annual additions, investments, property sales, rental rates, • New supply will be a mix of conversion properties and new construction. and proposed future developments. Notable among conversions is the Supreme Court building on Locust Street. That • For our purposes, downtown is defined project is estimated to deliver 230 units. as the area bounded by Interstate 40, • New construction, however, will lead the way among upcoming residential projects: James White Parkway, Tennessee River, Marble Alley II, The T at Riverfront, Stockyard Lofts, and Regas Square will combine and World’s Fair Park. Further, we have for 687 new units. delineated three downtown residential Table 5: Downtown Knoxville Announced Residential Developments submarkets: North, Central, and South (Map 1). Units Name Address Owner- Rental Occupied Total INVENTORY OF RESIDENTIAL UNITS The T at Riverfront Locust Street/Hill Avenue 287 287 Downtown METROPOLITANincludes 1,103 parcels Supreme Court 719 Locust Street 230 230 of land, totalingPLANNING 378 acres, with 99 COMMISSION Stockyard Lofts 215 Willow Avenue 152 152 residential developments and 1,833 Marble Alley II 121 Union Avenue 147 147 housing units, comprising an average density of 4.8 units per acre. A detailed Regas Square 333 Depot Avenue 101 101 inventory of all housing properties Andrew Johnson Building 912 S Gay Street 75 75 downtown is provided in Table 1. 1894 Saloon Building 205 Depot Avenue 205 Depot Avenue 48 48 Keener Lighting 701 World’s Fair Park 33 33 North Submarket Pryor Brown Garage 322 W Church Avenue 30 30 As more residential conversion of older This area records 47% of downtown’s The Crozier 120 S Central Street 25 25 properties occurs downtown, available supply of condos and apartments. In The Mews II 351 Ogden Street 20 20 vacant/underutilized buildings are fact, over half (54%) of all downtown becoming scarcer. As a result, new rentals (apartments) are found in this Century Building 312 S Gay Street 12 12 housing investment will look to submarket. Contributing to that The Overlook 608 W Hill Avenue 10 10 vacant land, surface parking lots, inventory is Summit Towers Apartments City House 519 W Vine Avenue 7 7 and underdeveloped parcels. Map 2 – its 277 units comprise downtown 612 Professional Condos 612 S Gay Street 3 3 shows the location of these potential Knoxville’s largest residential building. investment areas. The submarket’s newest residential 107 Commerce 107 Commerce Avenue 3 3 units are in The Daniel, a former Total Units 972 211 1,183 clothing manufacturing facility that Rental/Owner-Occupied Shares 82% 18% has been renovated and converted into 70 apartments. Source: Central Business Improvement District, 2017 Century Building

Pryor Brown Garage White Lily Flats Jackson Ateliers

14 3 Since 2000, the infl ation-adjusted price per square foot of downtown condominiums Rental Market Marble Alley Lofts has more than doubled, from $103 in 2000 to $239 in 2016 (Figure 8). A few notable There are 1,341 rental units downtown, growth trends occurred along the way: representing 73% of the overall housing • From 2000 to 2005, when sales were slow, the price per square foot was more volatile. inventory. The median value of a downtown rental is $852, compared to • From 2006 through 2012, as inventory grew, price per square foot climbed, until the $808 across Knox County (Table 4). recession led to price cuts. Table 4: Since 2012, sales momentum has picked up, and the price per square foot has • Median Rental Market Rates increased every year since. Rental Type Downtown Knox County All unit types $852 $808 Figure 8: Downtown Knoxville Residential Sales, Price Per Square Foot, 2000-2016 Studio $1,029 $552

$250 1 bedroom $671 $657 2 bedrooms $1,307 $816 3 bedrooms $1,640 $1,015 $200 Source: U.S. Census Bureau, 2012-2016

$150 JFG Flats

$100

$50

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Central Submarket Source: Knoxville Area Association of Realtors, 2017 Tailor Lofts The Central submarket contains 33% of all downtown housing units. Comprising a sizable share of the area’s inventory are newly-constructed units, including Marble Alley Lofts, with 248 apartments. Further, the fi ve largest venues of the 33-property Upper story residential units on S. Gay Street submarket combine for over 60% of its total supply.

Arnstein Building

4 13 The Holston Cherokee Building Ely Building Figure 6: Downtown Knoxville Residential Sale Prices, 2000-2016 Medical Arts Building

100 $400,000

90 Average Sale Price (2017 dollars) $350,000 80 $300,000 70 $250,000 60

50 $200,000 Units Sold 40 $150,000 30 $100,000 20 802-804 W. Hill Avenue $50,000 10

0 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Knoxville Area Association of Realtors, 2017

Pricing Infl ation-adjusted average sale prices of downtown condominiums have seen substantial growth since 2000, climbing from an average of $130,242 in 2000 to $297,350 in 2016, peaking at $388,258 in 2014 (Figure 6). A few notable exceptions to the growth trend occurred along the way: 612 S. Gay Street • Post-recession, between 2009 and 2013, downtown’s average residential sale prices moved up and down, the net eff ect of which was fl at performance, showing a start year and end year diff erence of only $4,274. South Submarket Riverhouse Condos • Between 2014 and 2016, average sale prices dropped $90,908. This pricing downturn The South area accounts for almost 20% of downtown is likely attributed to competition from considerable rental supply (376 units) housing units. Nearly two-thirds are reported at Maplehurst brought online in that period. Park Apartments, with 205 units in 22 buildings, located west of Henley Street, south of Cumberland Avenue. The Medical • In 2006, the average sale price of residential properties in downtown Knoxville was Arts building, a converted office property, holds the second $298,344, which exceeded that of Knox County ($244,930). Since then, downtown largest share of inventory with its 49 units. rates have consistently outpaced countywide averages (Figure 7). In addition to 623 W. Hill Avenue downtown’s three Figure 7: Downtown Knoxville and Knox County Residential Sale Prices, 2000-2016 submarkets, many large housing $400,000 developments Downtown Average Sale Price (2017 dollars) surround the area: $350,000 historic Fourth and $300,000 Gill neighborhood to the north; Vista at $250,000 Summit Hill, Arbor Place Apartments, $200,000 Promontory Point Knox County Average Sale Price (2017 dollars) Condominiums, $150,000 and Riverside Condominiums to the $100,000 east; One Riverwalk 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apartments and 303 Source: Knoxville Area Association of Realtors, 2017 Flats to the south; and the University of Tennessee and Fort Sanders neighborhood to the west. 12 5

Table 1: Downtown Knoxville Residential Units, 2017 RESIDENTIAL SALES AND PRICING Units Sold Table 3: Year Units Downtown Knoxville Name Address Since 2000, 450 downtown condos have sold. During that 17 year period, three stages Built Renovated Rental Owner-Occupied Total of growth have been observed (Table 3 and Figure 4): Three Stages of Condo Unit Sales Growth NORTH SUBMARKET • From 2000 to 2005, early investment and buying interest was slow as pioneer Summit Towers Apartments 201 Locust Street 1980 277 277 residents were returning to downtown living. The period saw 25 total units sold. Year Condo Units Sold Sterchi Lofts 116 S Gay Street 1920 2002 100 100 • In the second stage, 2006 through 2012, downtown sales gained traction. Total unit 2000 4 Armature Building 310 W Jackson Avenue 1894 2013 70 70 sales reached 194 during the period. 2001 3 The Daniel 114-124 W Jackson Avenue 1900 2016 70 70 • After 2012, momentum picked up, with a four-year sales total hitting 231 units and 2002 3 JFG Flats 200 W Jackson Avenue 1900 2006 54 54 setting a record in 2016 with 87 sales. 2003 3 White Lily Flats 222 N Central Street 1855 2014 46 46 2004 6 Emporium 112 S Gay Street 1900 2001 40 40 2005 6 Fire Street Lofts 220 Jackson Avenue 1900 2006 36 36 Figure 4: Downtown Knoxville Condo Unit Sales, 2000-2016 100 Commerce Lofts 122 S Gay Street 1900 2008 19 19 2006 25 Jackson Atelier 130 W Jackson Avenue 1900 2000 16 16 90 2007 35 Southeastern Glass Building 555 W Jackson Avenue 1925 2013 13 13 80 2008 21 1894 Saloon Building 303 N Central Street 1920 1985 12 12 70 2009 28 Hewgley Park Building 111 N Central Street 1900 11 11 60 2010 22 Jacksonian Condos 129 W Jackson Avenue 1900 2008 11 11 50 2011 30 Commerce Condos 120 S Gay Street 1900 1995 10 10 40 2012 33 The Mews 319 N Central Street 2015 10 10 2013 54 Ryans Row 415 W Vine Avenue 1982 1990 9 9 30 2014 41 Sullivan Street Lofts 110 E Jackson Avenue 2015 9 9 20 2015 49 Central Court Condos 111 S Central Street 1900 1990 6 6 10 2016 87 Whist Court 400 W Magnolia Avenue 1900 6 6 0 Hubris Building 113 S Gay Street 1900 2001 5 5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total 450 125 S Central Street 125 S Central Street 1900 2003 4 4 Source: Knoxville Area Association of Realtors, 2017 Source: Knoxville Area Association of Realtors, 2017 125 W Jackson Avenue 125 W Jackson Avenue 1900 2012 4 4 Jackson Loft Apartments 121 W Jackson Avenue 1900 1983 4 4 Figures for average number of days on the market for listed residential properties 110 S Central Street 110 S Central Street 1900 2000 3 3 saw considerable fl uctuation over the past 15 years, consistent with trends noted for Mill Agent Lofts 121 S Gay Street 1900 2000 3 3 investment activity and units sold (Figure 5): Westmoreland Condos 135 S Central Street 1900 3 3 • Prior to the 2008 recession, averages stayed below 150 days each year, with a low of 118 E Jackson Avenue 118 E Jackson Avenue 1900 2015 2 2 25 days reported in 2005. 133 S Central Street 133 S Central Street 1900 2003 2 2 • At the peak of the recession’s negative impacts, that average rose to 265 days in 2011. 135 S Gay Street 135 S Gay Street 1920 2 2 137 S Gay Street 137 S Gay Street 2 2 • Post-recession recovery has been marked by new lows, with a strong 66 days 113 S Central Street 113 S Central Street 1900 2003 1 1 reported in 2016, fourth lowest of the past 15 years. 119 S Central Street 119 S Central Street 1900 2002 1 1 128 S Gay Street (Rebori Building) 128 S Gay Street 1920 1998 1 1 Figure 5: Downtown Knoxville Condo Sales Performance, Days on Market, 2002-2016 129 S Gay Street (The Mill Place) 129 S Gay Street 1900 2008 1 1 300 133 S Gay Street 133 S Gay Street 1920 1999 1 1 516 W Jackson Avenue 516 W Jackson Avenue 1900 2006 1 1 250 Doyle Dukes Building 109 S Gay Street 1900 2008 1 1 Farmers Traders Lofts 141 S Gay Street 1900 2008 1 1 200 Hanna Properties 131 S Central Street 1900 1994 1 1 North Submarket Total 720 148 868 CENTRAL SUBMARKET 150 Marble Alley Lofts 300 State Street 2016 248 248 Holston Condos 531 S Gay Street 1913 2008 43 43 100 Pembroke Condos 508 Union Avenue 1925 1983 38 38 Daylight Building 505 Union Avenue 1930 2009 36 36 50 Residences at Market Square 440 Walnut Street 2007 24 24 Arnstein Building 505 Market Street 1906 2013 20 20 Phoenix 418 S Gay Street 1910 2009 18 18 0 JC Penney 412-416 S Gay Street 1898 2016 3 14 17 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Lerner Lofts 401 S Gay Street 1910 1999 15 15 Source: Knoxville Area Association of Realtors, 2017 6 11 PUBLIC INVESTMENT CENTRAL SUBMARKET continued Table 2: The City of Knoxville has dedicated considerable fi nancial resources toward Year Units infrastructure improvements in downtown since 2000. Between 2014 and 2018, City of Knoxville Proposed Capital Improvements Program Name Address Knoxville’s Capital Improvement Program included $19,040,000 in project funding for Built Renovated Rental Owner-Occupied Total Downtown Projects, 2014-2018 downtown and surrounding area (Table 2): Crown Court Condos 535 Locust Street 1928 2007 14 14 Number Fiscal Kendrick Place 604 Union Avenue 1916 1981 14 14 • Downtown projects include Jackson Avenue ramp replacement, Gay Street brick of Budgeted Budget Year sidewalk replacement, PetSafe Downtown Dog Park expansion, and State Street Downtown Projects 300 Building 300 S Gay Street 1910 2009 13 13 Garage addition. 2014 5 $720,000 411 Gay Street Apartments 411 S Gay Street 1910 2012 13 13 • Projects surrounding downtown include streetscape improvements for Central, 2015 6 $1,595,000 Gallery Lofts 402 S Gay Street 1910 2006 13 13 Cumberland, Magnolia, and Sevier Avenues. In addition, programmed funds were The Residences at The Tennessean 531 Henley Street 1982 2017 12 12 2016 4 $950,000 included for the Convention Center, Suttree Landing Park, and World’s Fair Park. The Lofts of 18 Market Square 18 Market Square 1920 1998 11 11 2017 7 $3,225,000 36 Market Square 36 Market Square 2015 10 10 2018 8 $12,550,000 4 Market Square 4 Market Square 1933 2004 10 10 The Residences at the Tennessean 5-Year Total $19,040,000 Tailor Lofts 430 S Gay Street 1900 2014 9 9 Source: City of Knoxville, 2017 Willingham Garretts 102 W Summit Hill Drive 1910 8 8 Kings Row Condos 201 S Central Street 1910 1982 6 6 29 Market Square 29 Market Square 1920 1981 3 3 Figure 3: Cable Piano Condos 422 S Gay Street 1910 2001 1 2 3 Downtown Knoxville Residential 415 Gay Street Apartments 415 S Gay Street 1963 2007 2 2 Projects with TIF/PILOT Financing Keller Lofts 106 W Summit Hill Drive 1900 2001 2 2 12 Market Square 12 Market Square 1933 2005 1 1 2 Market Square 325 Union Avenue 1910 2007 1 1 209 S Central Street 209 S Central Street 1910 1995 1 1 $180,000,000 27 Market Square 27 Market Square 1920 2003 1 1 304 S Gay Street 304 S Gay Street 1946 1997 1 1

$160,000,000 503 W Clinch Avenue Apartments 503 W Clinch Avenue 1920 1999 1 1 The Hutson Annex 505 W Clinch Avenue 1920 2004 1 1 7 Market Square 7 Market Square 1920 1 1 $140,000,000 Central Submarket Total 347 263 610 SOUTH SUBMARKET

$120,000,000 Maplehurst Park Apartments 1001 Maplehurst Ct 1921 205 205 Medical Arts Building 603 Main Street 1932 2014 49 49 Burwell Building 602 S Gay Street 1908 2006 20 20 $100,000,000 815 Maplehurst Court Apartments 815 Maplehurst Ct 1940 18 18 Riverhouse Condos 614 W Hill Avenue 1928 1983 16 16 $80,000,000 Cherokee Building 400 W Church Avenue 1920 2007 10 10 Elliott 207 W Church Avenue 1900 2013 8 8 Cunningham Condos 707 Market Street 1920 1982 5 5 $60,000,000 Glencoe 615 State Street 1906 2013 5 5 Keystone Place 209 W Church Avenue 1930 2005 5 5 $40,000,000 802-804 W Hill Avenue 802-804 W Hill Avenue 1920 2 2 Sandstone Court 414 Clinch Avenue 1920 2006 2 2 The Carson Condos 713 S Central Street 1940 2005 2 2 $20,000,000 215 Cumberland Avenue 215 Cumberland Avenue 1940 1 1 619 W Hill Avenue 619 W Hill Avenue 1907 2013 1 1 $0 Mary Boyce Temple House 623 W Hill Aveue 1946 2013 1 1 Since the early 2000s, the City of Knoxville and private developers have partnered on TIF PILOT 620 Hill Avenue (Hogan) 620 W Hill Avenue 1996 1 1 29 residential projects that utilized Tax Increment Financing (TIF) or Payment-In-Lieu- Pre-Project Appraised Value Arcade Building 618 S Gay Street 1924 2012 1 1 Of-Taxes (PILOT) (Figure 3): Ely Building 406 W Church Avenue 1903 2012 1 1 Post-Project Estimated Appraised Value • The pre-project appraised property value of these initiatives was $16,031,010, and Marble House 810 W Hill Avenue 1920 1 1 the post-project estimated value was $240,358,628, representing a $224,327,618 Stuart Condos 709 Market Street 1900 1993 1 1 gain in property value. TIF-fi nanced project appraisals from 2015 property appraisals. South Submarket Total 274 81 355 • The largest TIF projects are 316-350 Gay Street and Regas Square, with estimated PILOT-fi nanced project appraisals from 2013 property appraisals. TOTAL UNITS 1,341 492 1,833 post-project assessed values of $38.4 million and $33.2 million, respectively. Source: City of Knoxville, 2017 Rental/Owner-Occupied Shares 73% 27% • The largest PILOT project is the Tennessean, with an estimated post-project assessed value of $22.5 million. Source: Knoxville-Knox County Metropolitan Planning Commission, 2017 10 7 ANNUAL ADDITIONS Map 1: Downtown Knoxville Residential Units, 2017 Figure 1: Downtown Knoxville Residential Development, 2000-2017 Knoxville’s downtown residential Units Added 350 market has experienced inconsistent

T N CENTRAL ST N RANDOLPH ST Y L but noteworthy growth since 2000, S P T H ON S Y EMOR A averaging 55.9 units per year (Figure 1). L 300 L K HUMES ST Total Units by Submarket O Total Units by Submarket ING ST E • From 2006 to 2009, development F C V AFLORIDA ST O F N activity was steady. Deliveries continued O A O 868 NorthP Submarket S 250 M K E C CAMPBELL AVE into 2009, even as impacts of the R MORGAN ST E A N GAY ST J S E 610 T D recession began to be felt, as previously Central Submarket R W FIFTH AVE E MAGNOLIA AVE 200 underway projects wrapped up.

355 South Submarket J A • In 2010 and 2011, there was complete 1010 M 1212 4646 E LLOW AVE 150 stoppage of residential construction due S WI PATTO to the fallout from the national recession. DANIELS AVE W VE A H H N ST T I 100 In 2016, downtown housing saw a T • W FI F B 22 E L W MAGNOLIA AVE 1111 99 dramatic gain in units (318), attributed

A P Annual Average C K 66 E K S V to two large apartment developments,

W 50 T A 44 4 33 O VAN ST T 4

L C Y K O 1111 7070 6 L DR Marble Alley Lofts (248 units) and The P 6 L U A E T HI 1 I L V D N GA 1 11 M E A W UM Daniel (70 units). 16 44 S 16 E P 1 0 NorthNorth Y ST 1 O 5454 STATE ST 22 33 W 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Cherokee Building 3636 E I40 40 L ¨¦§ SubmarketSubmarket 40 L Source: Knoxville-Knox County Metropolitan Planning Commission, 2017 D

Y 88 11 100100 2 R A 2 66 E 55 33 1010 1919 W 1 V 70 11 1 A 70 D 11 22 11 N 1 S HALL A O 1 S 22 S CENTRAL ST

O K C R JA B W VE

N A O OAK AVE 1 E 13 1 248248 1 VIN DR 13 1 F FAME DR 99 W LL 1313 HI IT TUL M IP S M AVE U

B S 1313 R W 15 277 15 1414 O 277 33 E 1010 2 A V 1313 1818 2 L A 22 11 D L WA UNION AVE W 99 33 11 1111 A 11 Y 1010 1 E WESTERN 1 1 AV AVE 1 H E C AV 24 CLINCH AVE UR D 24 2020 H N M C A 3636 43 2020 E R A 43 5 G R 5 38 K 55 88 38 E 11 22 1414 T S PRIVATE INVESTMENT CentralCentral 11 T 1 Figure 2: Downtown Knoxville Residential Development, 2000-2017 W 1 22 Since 2000, private sector investments O 14 Private Investment R 14 E SubmarketSubmarket in downtown residential construction, V L 1 D 1010 1 A W 1 T S 1 renovation, and conversion have totaled S A 55 $35,000,000 RE F 11 O A L E F N V I 12 A $163.8 million with an annual average of D AVE R 12 LOCUST ST U N ILL P T South H A South S E $9.1 million (Figure 2): TWELFTH ST R HIGHLA T K CLINCH AVE $30,000,000 D R SubmarketSubmarket • Years 2002 and 2014 recorded the W HILL AVE ELEVENTH ST ST highest investments by private sector MAIN FOURTEENTH ST $25,000,000 developers, both years exceeding the 4949 EL AVE R D $30 million mark. LAUR D N LA EY $20,000,000 • Impacts of the 2008 recession are VE N J A A N ST ILL evident in the local property investment M NumberNumber ofof UnitsUnits MAI H E W S trend, with peak spending leading up to 2 A ! POPLAR 2 $15,000,000 G < 5 1616 2008, precipitous decline thereafter, and E 11 E WHITE AVE S most recently, evidence of recovery. T 5 - 25 ! ST Annual Average M 2 S GAY ST $10,000,000 E 1 2 CUMBERLAND IAVE 1 D S 18 D T 18 FRONT AVE 26 - 100 L A ! E B D R R O O $5,000,000 K R 205205 C D HEN > 100 IR ! L C P L LEY ST $0 E IL D ¯ C R N 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 U O C Source: Knoxville-Knox County Metropolitan Planning Commission, 2017 619 W. Hill Avenue 8 9 ANNUAL ADDITIONS Map 1: Downtown Knoxville Residential Units, 2017 Figure 1: Downtown Knoxville Residential Development, 2000-2017 Knoxville’s downtown residential Units Added 350 market has experienced inconsistent

T N CENTRAL ST N RANDOLPH ST Y L but noteworthy growth since 2000, S P T H ON S Y EMOR A averaging 55.9 units per year (Figure 1). L 300 L K HUMES ST Total Units by Submarket O Total Units by Submarket ING ST E • From 2006 to 2009, development F C V AFLORIDA ST O F N activity was steady. Deliveries continued O A O 868 NorthP Submarket S 250 M K E C CAMPBELL AVE into 2009, even as impacts of the R MORGAN ST E A N GAY ST J S E 610 T D recession began to be felt, as previously Central Submarket R W FIFTH AVE E MAGNOLIA AVE 200 underway projects wrapped up.

355 South Submarket J A • In 2010 and 2011, there was complete 1010 M 1212 4646 E LLOW AVE 150 stoppage of residential construction due S WI PATTO to the fallout from the national recession. DANIELS AVE W VE A H H N ST T I 100 In 2016, downtown housing saw a T • W FI F B 22 E L W MAGNOLIA AVE 1111 99 dramatic gain in units (318), attributed

A P Annual Average C K 66 E K S V to two large apartment developments,

W 50 T A 44 4 33 O VAN ST T 4

L C Y K O 1111 7070 6 L DR Marble Alley Lofts (248 units) and The P 6 L U A E T HI 1 I L V D N GA 1 11 M E A W UM Daniel (70 units). 16 44 S 16 E P 1 0 NorthNorth Y ST 1 O 5454 STATE ST 22 33 W 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Cherokee Building 3636 E I40 40 L ¨¦§ SubmarketSubmarket 40 L Source: Knoxville-Knox County Metropolitan Planning Commission, 2017 D

Y 88 11 100100 2 R A 2 66 E 55 33 1010 1919 W 1 V 70 11 1 A 70 D 11 22 11 N 1 S HALL A O 1 S 22 S CENTRAL ST

O K C R JA B W VE

N A O OAK AVE 1 E 13 1 248248 1 VIN DR 13 1 F FAME DR 99 W LL 1313 HI IT TUL M IP S M AVE U

B S 1313 R W 15 277 15 1414 O 277 33 E 1010 2 A V 1313 1818 2 L A 22 11 D L WA UNION AVE W 99 33 11 1111 A 11 Y 1010 1 E WESTERN 1 1 AV AVE 1 H E C AV 24 CLINCH AVE UR D 24 2020 H N M C A 3636 43 2020 E R A 43 5 G R 5 38 K 55 88 38 E 11 22 1414 T S PRIVATE INVESTMENT CentralCentral 11 T 1 Figure 2: Downtown Knoxville Residential Development, 2000-2017 W 1 22 Since 2000, private sector investments O 14 Private Investment R 14 E SubmarketSubmarket in downtown residential construction, V L 1 D 1010 1 A W 1 T S 1 renovation, and conversion have totaled S A 55 $35,000,000 RE F 11 O A L E F N V I 12 A $163.8 million with an annual average of D AVE R 12 LOCUST ST U N ILL P T South H A South S E $9.1 million (Figure 2): TWELFTH ST R HIGHLA T K CLINCH AVE $30,000,000 D R SubmarketSubmarket • Years 2002 and 2014 recorded the W HILL AVE ELEVENTH ST ST highest investments by private sector MAIN FOURTEENTH ST $25,000,000 developers, both years exceeding the 4949 EL AVE R D $30 million mark. LAUR D N LA EY $20,000,000 • Impacts of the 2008 recession are VE N J A A N ST ILL evident in the local property investment M NumberNumber ofof UnitsUnits MAI H E W S trend, with peak spending leading up to 2 A ! POPLAR 2 $15,000,000 G < 5 1616 2008, precipitous decline thereafter, and E 11 E WHITE AVE S most recently, evidence of recovery. T 5 - 25 ! ST Annual Average M 2 S GAY ST $10,000,000 E 1 2 CUMBERLAND IAVE 1 D S 18 D T 18 FRONT AVE 26 - 100 L A ! E B D R R O O $5,000,000 K R 205205 C D HEN > 100 IR ! L C P L LEY ST $0 E IL D ¯ C R N 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 U O C Source: Knoxville-Knox County Metropolitan Planning Commission, 2017 619 W. Hill Avenue 8 9 PUBLIC INVESTMENT CENTRAL SUBMARKET continued Table 2: The City of Knoxville has dedicated considerable fi nancial resources toward Year Units infrastructure improvements in downtown since 2000. Between 2014 and 2018, City of Knoxville Proposed Capital Improvements Program Name Address Knoxville’s Capital Improvement Program included $19,040,000 in project funding for Built Renovated Rental Owner-Occupied Total Downtown Projects, 2014-2018 downtown and surrounding area (Table 2): Crown Court Condos 535 Locust Street 1928 2007 14 14 Number Fiscal Kendrick Place 604 Union Avenue 1916 1981 14 14 • Downtown projects include Jackson Avenue ramp replacement, Gay Street brick of Budgeted Budget Year sidewalk replacement, PetSafe Downtown Dog Park expansion, and State Street Downtown Projects 300 Building 300 S Gay Street 1910 2009 13 13 Garage addition. 2014 5 $720,000 411 Gay Street Apartments 411 S Gay Street 1910 2012 13 13 • Projects surrounding downtown include streetscape improvements for Central, 2015 6 $1,595,000 Gallery Lofts 402 S Gay Street 1910 2006 13 13 Cumberland, Magnolia, and Sevier Avenues. In addition, programmed funds were The Residences at The Tennessean 531 Henley Street 1982 2017 12 12 2016 4 $950,000 included for the Convention Center, Suttree Landing Park, and World’s Fair Park. The Lofts of 18 Market Square 18 Market Square 1920 1998 11 11 2017 7 $3,225,000 36 Market Square 36 Market Square 2015 10 10 2018 8 $12,550,000 4 Market Square 4 Market Square 1933 2004 10 10 The Residences at the Tennessean 5-Year Total $19,040,000 Tailor Lofts 430 S Gay Street 1900 2014 9 9 Source: City of Knoxville, 2017 Willingham Garretts 102 W Summit Hill Drive 1910 8 8 Kings Row Condos 201 S Central Street 1910 1982 6 6 29 Market Square 29 Market Square 1920 1981 3 3 Figure 3: Cable Piano Condos 422 S Gay Street 1910 2001 1 2 3 Downtown Knoxville Residential 415 Gay Street Apartments 415 S Gay Street 1963 2007 2 2 Projects with TIF/PILOT Financing Keller Lofts 106 W Summit Hill Drive 1900 2001 2 2 12 Market Square 12 Market Square 1933 2005 1 1 2 Market Square 325 Union Avenue 1910 2007 1 1 209 S Central Street 209 S Central Street 1910 1995 1 1 $180,000,000 27 Market Square 27 Market Square 1920 2003 1 1 304 S Gay Street 304 S Gay Street 1946 1997 1 1

$160,000,000 503 W Clinch Avenue Apartments 503 W Clinch Avenue 1920 1999 1 1 The Hutson Annex 505 W Clinch Avenue 1920 2004 1 1 7 Market Square 7 Market Square 1920 1 1 $140,000,000 Central Submarket Total 347 263 610 SOUTH SUBMARKET

$120,000,000 Maplehurst Park Apartments 1001 Maplehurst Ct 1921 205 205 Medical Arts Building 603 Main Street 1932 2014 49 49 Burwell Building 602 S Gay Street 1908 2006 20 20 $100,000,000 815 Maplehurst Court Apartments 815 Maplehurst Ct 1940 18 18 Riverhouse Condos 614 W Hill Avenue 1928 1983 16 16 $80,000,000 Cherokee Building 400 W Church Avenue 1920 2007 10 10 Elliott 207 W Church Avenue 1900 2013 8 8 Cunningham Condos 707 Market Street 1920 1982 5 5 $60,000,000 Glencoe 615 State Street 1906 2013 5 5 Keystone Place 209 W Church Avenue 1930 2005 5 5 $40,000,000 802-804 W Hill Avenue 802-804 W Hill Avenue 1920 2 2 Sandstone Court 414 Clinch Avenue 1920 2006 2 2 The Carson Condos 713 S Central Street 1940 2005 2 2 $20,000,000 215 Cumberland Avenue 215 Cumberland Avenue 1940 1 1 619 W Hill Avenue 619 W Hill Avenue 1907 2013 1 1 $0 Mary Boyce Temple House 623 W Hill Aveue 1946 2013 1 1 Since the early 2000s, the City of Knoxville and private developers have partnered on TIF PILOT 620 Hill Avenue (Hogan) 620 W Hill Avenue 1996 1 1 29 residential projects that utilized Tax Increment Financing (TIF) or Payment-In-Lieu- Pre-Project Appraised Value Arcade Building 618 S Gay Street 1924 2012 1 1 Of-Taxes (PILOT) (Figure 3): Ely Building 406 W Church Avenue 1903 2012 1 1 Post-Project Estimated Appraised Value • The pre-project appraised property value of these initiatives was $16,031,010, and Marble House 810 W Hill Avenue 1920 1 1 the post-project estimated value was $240,358,628, representing a $224,327,618 Stuart Condos 709 Market Street 1900 1993 1 1 gain in property value. TIF-fi nanced project appraisals from 2015 property appraisals. South Submarket Total 274 81 355 • The largest TIF projects are 316-350 Gay Street and Regas Square, with estimated PILOT-fi nanced project appraisals from 2013 property appraisals. TOTAL UNITS 1,341 492 1,833 post-project assessed values of $38.4 million and $33.2 million, respectively. Source: City of Knoxville, 2017 Rental/Owner-Occupied Shares 73% 27% • The largest PILOT project is the Tennessean, with an estimated post-project assessed value of $22.5 million. Source: Knoxville-Knox County Metropolitan Planning Commission, 2017 10 7

Table 1: Downtown Knoxville Residential Units, 2017 RESIDENTIAL SALES AND PRICING Units Sold Table 3: Year Units Downtown Knoxville Name Address Since 2000, 450 downtown condos have sold. During that 17 year period, three stages Built Renovated Rental Owner-Occupied Total of growth have been observed (Table 3 and Figure 4): Three Stages of Condo Unit Sales Growth NORTH SUBMARKET • From 2000 to 2005, early investment and buying interest was slow as pioneer Summit Towers Apartments 201 Locust Street 1980 277 277 residents were returning to downtown living. The period saw 25 total units sold. Year Condo Units Sold Sterchi Lofts 116 S Gay Street 1920 2002 100 100 • In the second stage, 2006 through 2012, downtown sales gained traction. Total unit 2000 4 Armature Building 310 W Jackson Avenue 1894 2013 70 70 sales reached 194 during the period. 2001 3 The Daniel 114-124 W Jackson Avenue 1900 2016 70 70 • After 2012, momentum picked up, with a four-year sales total hitting 231 units and 2002 3 JFG Flats 200 W Jackson Avenue 1900 2006 54 54 setting a record in 2016 with 87 sales. 2003 3 White Lily Flats 222 N Central Street 1855 2014 46 46 2004 6 Emporium 112 S Gay Street 1900 2001 40 40 2005 6 Fire Street Lofts 220 Jackson Avenue 1900 2006 36 36 Figure 4: Downtown Knoxville Condo Unit Sales, 2000-2016 100 Commerce Lofts 122 S Gay Street 1900 2008 19 19 2006 25 Jackson Atelier 130 W Jackson Avenue 1900 2000 16 16 90 2007 35 Southeastern Glass Building 555 W Jackson Avenue 1925 2013 13 13 80 2008 21 1894 Saloon Building 303 N Central Street 1920 1985 12 12 70 2009 28 Hewgley Park Building 111 N Central Street 1900 11 11 60 2010 22 Jacksonian Condos 129 W Jackson Avenue 1900 2008 11 11 50 2011 30 Commerce Condos 120 S Gay Street 1900 1995 10 10 40 2012 33 The Mews 319 N Central Street 2015 10 10 2013 54 Ryans Row 415 W Vine Avenue 1982 1990 9 9 30 2014 41 Sullivan Street Lofts 110 E Jackson Avenue 2015 9 9 20 2015 49 Central Court Condos 111 S Central Street 1900 1990 6 6 10 2016 87 Whist Court 400 W Magnolia Avenue 1900 6 6 0 Hubris Building 113 S Gay Street 1900 2001 5 5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total 450 125 S Central Street 125 S Central Street 1900 2003 4 4 Source: Knoxville Area Association of Realtors, 2017 Source: Knoxville Area Association of Realtors, 2017 125 W Jackson Avenue 125 W Jackson Avenue 1900 2012 4 4 Jackson Loft Apartments 121 W Jackson Avenue 1900 1983 4 4 Figures for average number of days on the market for listed residential properties 110 S Central Street 110 S Central Street 1900 2000 3 3 saw considerable fl uctuation over the past 15 years, consistent with trends noted for Mill Agent Lofts 121 S Gay Street 1900 2000 3 3 investment activity and units sold (Figure 5): Westmoreland Condos 135 S Central Street 1900 3 3 • Prior to the 2008 recession, averages stayed below 150 days each year, with a low of 118 E Jackson Avenue 118 E Jackson Avenue 1900 2015 2 2 25 days reported in 2005. 133 S Central Street 133 S Central Street 1900 2003 2 2 • At the peak of the recession’s negative impacts, that average rose to 265 days in 2011. 135 S Gay Street 135 S Gay Street 1920 2 2 137 S Gay Street 137 S Gay Street 2 2 • Post-recession recovery has been marked by new lows, with a strong 66 days 113 S Central Street 113 S Central Street 1900 2003 1 1 reported in 2016, fourth lowest of the past 15 years. 119 S Central Street 119 S Central Street 1900 2002 1 1 128 S Gay Street (Rebori Building) 128 S Gay Street 1920 1998 1 1 Figure 5: Downtown Knoxville Condo Sales Performance, Days on Market, 2002-2016 129 S Gay Street (The Mill Place) 129 S Gay Street 1900 2008 1 1 300 133 S Gay Street 133 S Gay Street 1920 1999 1 1 516 W Jackson Avenue 516 W Jackson Avenue 1900 2006 1 1 250 Doyle Dukes Building 109 S Gay Street 1900 2008 1 1 Farmers Traders Lofts 141 S Gay Street 1900 2008 1 1 200 Hanna Properties 131 S Central Street 1900 1994 1 1 North Submarket Total 720 148 868 CENTRAL SUBMARKET 150 Marble Alley Lofts 300 State Street 2016 248 248 Holston Condos 531 S Gay Street 1913 2008 43 43 100 Pembroke Condos 508 Union Avenue 1925 1983 38 38 Daylight Building 505 Union Avenue 1930 2009 36 36 50 Residences at Market Square 440 Walnut Street 2007 24 24 Arnstein Building 505 Market Street 1906 2013 20 20 Phoenix 418 S Gay Street 1910 2009 18 18 0 JC Penney 412-416 S Gay Street 1898 2016 3 14 17 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Lerner Lofts 401 S Gay Street 1910 1999 15 15 Source: Knoxville Area Association of Realtors, 2017 6 11 The Holston Cherokee Building Ely Building Figure 6: Downtown Knoxville Residential Sale Prices, 2000-2016 Medical Arts Building

100 $400,000

90 Average Sale Price (2017 dollars) $350,000 80 $300,000 70 $250,000 60

50 $200,000 Units Sold 40 $150,000 30 $100,000 20 802-804 W. Hill Avenue $50,000 10

0 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Knoxville Area Association of Realtors, 2017

Pricing Infl ation-adjusted average sale prices of downtown condominiums have seen substantial growth since 2000, climbing from an average of $130,242 in 2000 to $297,350 in 2016, peaking at $388,258 in 2014 (Figure 6). A few notable exceptions to the growth trend occurred along the way: 612 S. Gay Street • Post-recession, between 2009 and 2013, downtown’s average residential sale prices moved up and down, the net eff ect of which was fl at performance, showing a start year and end year diff erence of only $4,274. South Submarket Riverhouse Condos • Between 2014 and 2016, average sale prices dropped $90,908. This pricing downturn The South area accounts for almost 20% of downtown is likely attributed to competition from considerable rental supply (376 units) housing units. Nearly two-thirds are reported at Maplehurst brought online in that period. Park Apartments, with 205 units in 22 buildings, located west of Henley Street, south of Cumberland Avenue. The Medical • In 2006, the average sale price of residential properties in downtown Knoxville was Arts building, a converted office property, holds the second $298,344, which exceeded that of Knox County ($244,930). Since then, downtown largest share of inventory with its 49 units. rates have consistently outpaced countywide averages (Figure 7). In addition to 623 W. Hill Avenue downtown’s three Figure 7: Downtown Knoxville and Knox County Residential Sale Prices, 2000-2016 submarkets, many large housing $400,000 developments Downtown Average Sale Price (2017 dollars) surround the area: $350,000 historic Fourth and $300,000 Gill neighborhood to the north; Vista at $250,000 Summit Hill, Arbor Place Apartments, $200,000 Promontory Point Knox County Average Sale Price (2017 dollars) Condominiums, $150,000 and Riverside Condominiums to the $100,000 east; One Riverwalk 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apartments and 303 Source: Knoxville Area Association of Realtors, 2017 Flats to the south; and the University of Tennessee and Fort Sanders neighborhood to the west. 12 5 Since 2000, the infl ation-adjusted price per square foot of downtown condominiums Rental Market Marble Alley Lofts has more than doubled, from $103 in 2000 to $239 in 2016 (Figure 8). A few notable There are 1,341 rental units downtown, growth trends occurred along the way: representing 73% of the overall housing • From 2000 to 2005, when sales were slow, the price per square foot was more volatile. inventory. The median value of a downtown rental is $852, compared to • From 2006 through 2012, as inventory grew, price per square foot climbed, until the $808 across Knox County (Table 4). recession led to price cuts. Table 4: Since 2012, sales momentum has picked up, and the price per square foot has • Median Rental Market Rates increased every year since. Rental Type Downtown Knox County All unit types $852 $808 Figure 8: Downtown Knoxville Residential Sales, Price Per Square Foot, 2000-2016 Studio $1,029 $552

$250 1 bedroom $671 $657 2 bedrooms $1,307 $816 3 bedrooms $1,640 $1,015 $200 Source: U.S. Census Bureau, 2012-2016

$150 JFG Flats

$100

$50

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Central Submarket Source: Knoxville Area Association of Realtors, 2017 Tailor Lofts The Central submarket contains 33% of all downtown housing units. Comprising a sizable share of the area’s inventory are newly-constructed units, including Marble Alley Lofts, with 248 apartments. Further, the fi ve largest venues of the 33-property Upper story residential units on S. Gay Street submarket combine for over 60% of its total supply.

Arnstein Building

4 13 FUTURE DEVELOPMENT This technical report examines Andrew Johnson Building Southeastern Glass Company Future residential development in downtown includes 16 announced projects, Knoxville’s downtown residential contributing 1,183 new units to the existing inventory (Table 5): growth in detail, examining the current • New apartments will outpace owner-occupied units by more than 4 times. housing inventory, annual additions, investments, property sales, rental rates, • New supply will be a mix of conversion properties and new construction. and proposed future developments. Notable among conversions is the Supreme Court building on Locust Street. That • For our purposes, downtown is defined project is estimated to deliver 230 units. as the area bounded by Interstate 40, • New construction, however, will lead the way among upcoming residential projects: James White Parkway, Tennessee River, Marble Alley II, The T at Riverfront, Stockyard Lofts, and Regas Square will combine and World’s Fair Park. Further, we have for 687 new units. delineated three downtown residential Table 5: Downtown Knoxville Announced Residential Developments submarkets: North, Central, and South (Map 1). Units Name Address Owner- Rental Occupied Total INVENTORY OF RESIDENTIAL UNITS The T at Riverfront Locust Street/Hill Avenue 287 287 Downtown METROPOLITANincludes 1,103 parcels Supreme Court 719 Locust Street 230 230 of land, totalingPLANNING 378 acres, with 99 COMMISSION Stockyard Lofts 215 Willow Avenue 152 152 residential developments and 1,833 Marble Alley II 121 Union Avenue 147 147 housing units, comprising an average density of 4.8 units per acre. A detailed Regas Square 333 Depot Avenue 101 101 inventory of all housing properties Andrew Johnson Building 912 S Gay Street 75 75 downtown is provided in Table 1. 1894 Saloon Building 205 Depot Avenue 205 Depot Avenue 48 48 Keener Lighting 701 World’s Fair Park 33 33 North Submarket Pryor Brown Garage 322 W Church Avenue 30 30 As more residential conversion of older This area records 47% of downtown’s The Crozier 120 S Central Street 25 25 properties occurs downtown, available supply of condos and apartments. In The Mews II 351 Ogden Street 20 20 vacant/underutilized buildings are fact, over half (54%) of all downtown becoming scarcer. As a result, new rentals (apartments) are found in this Century Building 312 S Gay Street 12 12 housing investment will look to submarket. Contributing to that The Overlook 608 W Hill Avenue 10 10 vacant land, surface parking lots, inventory is Summit Towers Apartments City House 519 W Vine Avenue 7 7 and underdeveloped parcels. Map 2 – its 277 units comprise downtown 612 Professional Condos 612 S Gay Street 3 3 shows the location of these potential Knoxville’s largest residential building. investment areas. The submarket’s newest residential 107 Commerce 107 Commerce Avenue 3 3 units are in The Daniel, a former Total Units 972 211 1,183 clothing manufacturing facility that Rental/Owner-Occupied Shares 82% 18% has been renovated and converted into 70 apartments. Source: Central Business Improvement District, 2017 Century Building

Pryor Brown Garage White Lily Flats Jackson Ateliers

14 3 Map 2: Downtown Knoxville Underdeveloped Property

Downtown Knoxville is a vibrant activity center. A key component to N T R Y L AN S T P H ON S Y E DOL EMOR V A A IA L P its success has been residential growth through public and private L H E Propery Types KING ST H S V O U T A Property Type M E F LL E V E C E FIFTH AVE S AF B O E MAGNOL F S N L P sector investment partnerships. These collaborative efforts O A T O OR SurfaceP Parking Lot S AM M K E ID C R C MO E A A N GAY ST J S E S T R D Vacant/Underdeveloped IFTH AVE G T have resulted in redevelopment and conversion of older A R W F N S T E V OGDEN A multi-story structures and, most recently, new N W O C L S AVE L S E I T N W P E DANIEL T ATT construction. Investments in downtown’s AV R A TH O F L N FI S W S T B T infrastructure and non-residential properties, L MAGNOLIA AVE A C W

K RICHARDS ST E S V L T A U

O VAN ST T C O DR L such as retail shops, restaurants, and K P HILL A AV E IT E D N MM P W GAY ST SU O STATE E W

E offices, have bolstered the area’s L

L I40 ST ¨¦§ D housing market, as has R E V J A N A

Y O M S S A K S investment in adjoining C E H W A C J S A E D W N L A W L E T O V O areas, such as the University of OAK AVE E A R H R IN A I F V T B W L E F A S N P ME TU T K L S Tennessee campus, Cumberland IP A VE W D B W SUMMIT HILL DR Y R R E O V A E A LL Avenue, Downtown North, A N AV D W O NI W U

A Magnolia Avenue corridor, and Y E E AV AV H E WESTERN AVE NCH C AV I R the South Waterfront. D H CL HU AN E C R N E G L E Y VE W S A MARKET ST H O T RC E R HU L C AV D PA W T IR R S S FA K E R D O R F W A L VE N L A L U IL OCUST ST T H AVE S E HIGHLAND TWAVE T ELFTH CLINCH VE L A IL ST ELEVENTH ST IN W H ST MA

FOURTEE

R D LAUREL AVE D AN NTH ST YL E NE AV J ILL A MAIN ST H M W E S POPLAR S A G E WHITE AVE E S T T M S E AVE I CUMBERLAND AVED S G D T FRONT A L A E B Y

D R S O R T O K R C D I R L C P L E IL D C R ¯ N U O C

2 15 Reqas Square The Overlook

The Crozier Residential growth downtown started slowly in the early 2000s, gained traction within about fi ve years, and picked up steam in the last couple of years as accelerated growth has been observed. Technical Report Series Based on the many projects in the development pipeline and the inventory of additional underutilized properties in the area, we expect to see continued housing growth that will strengthen our DOWNTOWN already vibrant downtown. KNOXVILLE HOUSING City House MARKET

METROPOLITAN PLANNING COMMISSION

The Metropolitan Planning Commission assembles and maintains technical reports, development activity reports, demographic data, and other publications detailing economic activity in the City of Knoxville, Knox County, and the metropolitan area. Visit our website (www.knoxmpc.org) for more information.

July 2018

Jeff Archer, Principal Planner Terry Gilhula, Research Manager Nick Schoenborn, GIS Analyst jeff [email protected] [email protected] [email protected] (865) 215-3821 (865) 215-3819 (865) 215-3805

Suite 403 • City County Building • 400 Main Street • Knoxville, Tennessee 37902 • (865) 215-2500 • www.knoxmpc.org