A healthcare technology company plans to build in Blount County.
ProNova Solutions will bring 500 new jobs to the area, as well as $52 million in capital investment.
It will be the first and main company located at Pellissippi Place in Alcoa.
City and county leaders designed the park for research and development companies.
"This is going to be such a great anchor for our park, it sets the standard creating jobs, high paying jobs," said Don Mull, Alcoa City mayor.
ProNova President, Joe Matteo, said the company's goal is to "develop, produce and deliver a smaller, lighter, more energy efficient proton therapy system to help cancer patients.
"We'll be the central hub for developing all the pieces of proton therapy and then use the community to build those," Matteo said.
Matteo went on to say that he will make it a point to keep manufacturing in the area.
Construction will be broken into two phases.
By 2015, 110 people will be employed at the site; by 2018 it will reach its goal of 500 employees at Pellissippi Place.
"What it does for Blount County, economically, the fact that they are very high paying jobs... I think that all goes right back into the economy, Blount County," said Ed Mitchell, Blount County mayor.
ProNova Solutions will build on 200,000-square feet at Pellissippi Place.
The company was attracted to the location for several reasons, including its ties to the University of Tennessee, Knoxville, Oak Ridge, as well as its proximity to McGhee Tyson Airport.
Construction will begin as soon as possible.
A local healthcare company focused on new cancer treatments announced today that it is making a large investment in and plans to bring 500 new jobs to Blount County.
At a press conference, ProNova Solutions, said it will become the anchor tenant at the Pellissippi Place in Blount County.
They plan to spend $52 million within the community.
In addition, the company is creating 500 new jobs.
Chairman of ProNova Solutions, Dr. Terry Douglass said, "With the Provision Center for Proton Therapy located in Knoxville and now the ProNova site in Alcoa, this is truly a regional effort and one we hope will benefit not only the citizens of East Tennessee, but that it will bring the next innovation in cancer treatment to patients and physicians across the globe."
The company intends to construct this project in two phases. The first being a 30,000 square foot two-story office and research building with a 40,000 square foot assembly and test area initially supporting 35 employees, growing to 110 by 2015.
Phase two adds an additional 120,000 square foot two-story structure with more gantry and cyclotron testing and assembly areas (40,000 square feet) with a projected staff of 110 in 2015 and expanding to a cumulative total of 500 by 2018.
"This is a huge shot in arm and a boost to the local economy that hasn't been seen in a long time," said Blount County Mayor Ed Mitchell. "This type of investment really shows how much confidence ProNova has in the workforce of this area and the quality of the life that the region offers."
"In the past, Knox County invested millions of dollars in the Pellissippi Place technology research and development park, and it is good to see it attracting business growth," said Knox County Mayor Tim Burchett. "The jobs created there by ProNova will not only benefit Knox and Blount counties, but our entire region."
"We are pleased to have ProNova entering this community and setting up shop at Pellissippi Place," said Maryville city Mayor Tom Taylor. "We had a plan for this space and now we are beginning to see the beginning of great things happening at this location. The Parkway expansion will only lend to further development."