From the City of Knoxville:

The City of Knoxville and Southshore Properties LLC announced plans today for a major project located in the city’s 20-year South Waterfront redevelopment plan area.

The cooperative effort includes construction of 137 new residential units with an estimated value of $58.6 million by Southshore Properties - a newly-formed partnership between Mike and Kelly Conley and Mike Stevens - north of the intersection of Barber Street and Langford Avenue in conjunction with $10.7 million worth of street and park improvements by the city.

The city's improvements will include:

• A roundabout (traffic circle) will be constructed at the realigned intersection of Sevier Avenue, Island Home Avenue, and Lincoln Street;

• Reconstruction of Lincoln Street will extend it approximately 600 feet from the new roundabout to the river;

• A new public boat ramp and pier will be built at the end of Lincoln Street;

• A new segment of River Road will be built parallel to the river, extending 1,800 feet from Lincoln Street to Barber Street;

• Reconstruction of Langford Avenue (no Right-of-Way acquisition on south side);

• Side street extensions of Barber, Claude, Dixie, and a yet-to-be named street will be built, connecting to Langford Avenue;

• A 5-acre riverfront park will be created; and

• A 1,800-feet long segment of the riverwalk will be built parallel to the River Road.

I'm a little surprised, because at the public unveiling of the "vision plan", this area was slated for development ten years or so out, if I recall correctly.

Anyway, this sounds like an outstanding project that will jump start (or practically complete?) the South Waterfront project if delivered as advertised. Read the full press release here [1], which has some drawings.

P.S. The press release telegraphs the likely TIFs: "When completed, the Southshore Properties project is estimated to generate more than $800,000 annually in property taxes. If all properties along Lincoln Street and River Road are developed, the annual property taxes would be more than $1.5 million." This could mean approx. $16 million in TIFs, right?