New apartment development announced in the Old City

July 3, 2017: The Stockyard Lofts are a new apartment and commercial development planned for Knoxville's Old City.

A new apartment building is coming to the Old City.

The Stockyard Lofts will break ground in early 2018 and should take about 14 to 16 months to complete. 

The development will have 152 apartments, about 185 new parking spaces and 5,000 square feet of retail space. 

Developers are hoping it not only brings more residents to the Old City, but also more business. 

"We believe that it will be a catalyst for not only downtown, but especially the Old City to bring all those people in down here," said Leigh Burch, owner of Terminus Real Estate and the developer of the Stockyard Lofts. "It's going to help all of the commercial tenants in the area."

In the past, developers have mainly renovated old buildings into new lofts in the Old City. Those buildings are now very hard to come by, which is why developers are beginning to build new buildings. 

"Most of the projects up until the past couple of years have been adaptive reuse of existing architectural inventory," said Jon Clark, the developer of The Daniel apartments in the Old City. "The development model is changing downtown, and it's very, very exciting."

The Stockyard Lofts are planned for a lot between the James White Parkway overpass and Willow Avenue in the Old City.

The investment is estimated to be around $28 million.

© 2017 WBIR.COM


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