Celebration marks launch of 84-unit residential complex
Today, Knoxville’s Community Development Corporation (KCDC) joined with business and community leaders and members of the Five Points community to break ground on Five Points Phase 2, an affordable housing complex to be built at the corner of Martin Luther King Jr. Avenue and McConnell Street.
Knoxville Mayor Madeline Rogero, Knox County Mayor Tim Burchett, the Department of Housing and Urban Development (HUD), Tennessee Housing Development Agency (THDA), elected officials and construction partners joined KCDC to celebrate the launch of construction of the 10-building, 84-unit complex. Construction is expected to be completed in July 2018.
“This groundbreaking is the culmination of successful collaboration between KCDC and our partners at HUD, THDA and the City of Knoxville – and highlights our commitment to affordable housing in the Five Points community,” KCDC Executive Director and CEO Ben Bentley said. “My hope is that this redevelopment produces high-quality affordable housing of which the entire neighborhood can be proud. I look forward to celebrating here next year as we welcome individuals and families to their new homes.”
Total construction cost is approximately $13 million and will be funded primarily through low-income housing tax credits from THDA. The equity partner for those tax credits is Red Stone Equity Partners, and Home Federal Bank of Tennessee is the mortgage lender.
Beginning in 2009, the City of Knoxville committed $800,000 annually for 10 years to the total master plan project for infrastructure improvements. An additional $1.55 million was committed for 2018 in the city’s annual budget. All phases of the Five Points Master Plan will use those funds to upgrade infrastructure, add or widen existing streets and construct new sidewalks to improve walkability and connectivity of housing to the community.
“The City of Knoxville is fully committed to a revitalized Five Points,” Rogero said. “I commend KCDC for partnering with those who live, work and serve in this area to develop the Master Plan. This revitalization captures their vision and is one of which we can all be proud.”
The Phase 2 project was designed by Ross/Deckard Architects and Johnson Architecture, and the construction contractor is Merit Construction. KCDC’s owner’s representative on the project is Partners.
The Five Points Master Plan, led by Johnson Architecture, was developed with years of community input as a guide to replace the outdated Walter P. Taylor Homes and Lee Williams developments with modern affordable housing units. A goal of the Master Plan is to reduce the density of units on the original footprint from 500 at its highest point to approximately 300 units.
Phase 1 of the Five Points Master Plan is The Residences at Five Points, a 90-unit complex of housing for seniors and people with disabilities that is currently under construction and slated for completion this summer.
“I’m looking forward to the grand opening of The Residences at Five Points later this year,” Knox County Mayor Tim Burchett said. “Knox County is proud of everyone involved in this project, and we’re excited to see improvements made to Five Points during these next phases of development.”
The Five Points Master Plan builds on previous redevelopment in the area. KCDC and the City of Knoxville have invested more than $21 million since 2010 to remove 183 units of outdated housing and build 122 units of affordable housing, which includes the adaptive reuse of the Eastport School as The Residences at Eastport for senior housing.
About Knoxville’s Community Development Corporation
Since 1936, KCDC has been dedicated to enhancing the quality of life for the citizens of Knoxville and Knox County. KCDC’s mission is to improve and transform neighborhoods and communities by providing quality affordable housing, advancing development initiatives and fostering self-sufficiency. For more information, call 865-403-1100 or visit http://www.kcdc.org/.