What one city leader calls the biggest development deal he's seen at the city is moving through the approval process.
Developers of the $165 million project on the former Baptist Hospital site presented their plan today to the public.
Supporters, including Vice Mayor Nick Pavlis, say the public-private partnership through a tax-increment financing deal is biggest he's aware of in the city's history.
It allows developers to put money typically required to pay taxes into the infrastructure for an agreed-upon time period.
If approved the TIF would fall under the existing South Knoxville waterfront redevelopment and urban renewal plan. Back in June, Blanchard and Calhoun Commercial Corporation from Augusta, Georgia announced their plans to redevelop the 24-acre site.
The land has stayed vacant since the hospital closed in 2008. The complex is slated to have luxury apartments, a student apartment complex, a hotel, restaurant and retail and office space.