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KCDC breaks ground on $10 million housing development in Five Points
Knoxville’s Community Development Corporation (KCDC) broke ground Wednesday on The Residences at Five Points, its newest housing for senior citizens and the disabled as part of the neighborhood’s revitalization.
Knoxville Mayor Madeline Rogero, Knox County Mayor Tim Burchett, Tennessee Housing Development Agency Executive Director Ralph Perrey, elected officials and construction partners joined KCDC to begin construction on Phase 1 of the Five Points Master Plan.
“This is an exciting day for KCDC and for this neighborhood,” KCDC Executive Director Art Cate said. “Breaking ground on this project represents the realization of Phase 1 of the Master Plan and years of community input and vision by the leaders and residents in Five Points. I am looking forward to returning here next year to welcome 90 individuals and families to their new home at The Residences at Five Points.”
The 90-unit development will cost approximately $10 million, which will be funded primarily through low-income housing tax credits from the Tennessee Housing Development Agency (THDA).
“We’re pleased KCDC has included apartments for these households,” Perrey said. “It’s important that all members of our community have access to affordable, decent housing that is close to community services.”
The City of Knoxville has invested $800,000 annually for 10 years to the total master plan project. Phase 1 will use a portion of these funds to upgrade infrastructure, 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 seeing a revitalized Five Points,” said Rogero. “I commend KCDC for partnering with those who live, work and serve in this area to develop the Master Plan. This approach allowed the community to buy in to the vision of what the neighborhood could be, while still maintaining the things that make the community great.”
The Residences at Five Points will consist of three stories at the corner of Bethel Avenue and McConnell Street and will feature 84 one-bedroom units and six two-bedroom units. The property will include two elevators, community space, including a meeting room and computer stations, and on-site laundry facilities. The site also will offer green space with a picnic pavilion and dog park.
The Residences at Five Points is designed by architecture firm, Johnson Architecture, and the construction contractor is Merit Construction. KCDC’s owner’s representative on the project is Partners Development.
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 Dr. Lee L. Williams Senior Complex with modern affordable housing units. The ultimate 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 of new construction.
The Master Plan builds on previous redevelopment surrounding the footprint. KCDC and the City of Knoxville have invested more than $21 million since 2010 to remove 183 units of outdated housing from the area and build 122 units of affordable housing, which includes the adaptive reuse of the Eastport School and construction of The Residences at Eastport.
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.