Thu
May 30 2019
11:44 am

SoKno: Kern's Bakery Version Three was announced in February, 2019.

Ozone Capital Management, LLC announces a Transformative Opportunity Zone Investment in Knoxville, Tennessee, for the Kern's Bakery site on Chapman Highway, a half mile or so from the new One Riverwalk apartments (previously Baptist Hospital) and 303 Flats apartments (across Henley from the old Baptist Hospital).

The investment, made on behalf of and alongside entrepreneurs, institutional investors, family offices, finance executives and technology leaders, will go towards constructing a 160-unit, 310 bed multifamily community at the historic Kerns Bakery Site.

The Opportunity Zone program is the idea that tax incentives for investors will transform declining areas into thriving economic hubs. This is based on the notion that urban or rural deterioration results from excessive taxation undermining capital investment. The program lets investors avoid the usual tax on capital gains by putting their profits into so-called opportunity funds, an incentive that lasts until 2026.

The community is designed to appeal to millennials and members of Generation Z – including young professionals, graduate students, medical students and upper classmen from nearby University of Tennessee. The two-bedrooms will have roommate floorplans with a private bath for each bedroom. A roommate matching service is available.

(In February, it was reported the apartments were not targeted toward the student market. "Our amenity package is not student oriented,” said David McKenna of Mallory & Evans.")

The community will also be adjacent to one of the most extensive natural urban environments on the East Coast. Construction on the boutique housing is expected to begin in early summer. The retail and restaurant portion will begin in July. Both should be complete by August 2020. The construction timeline for the hotel will be announced at a later date.

Looks like it is going to happen this time. SoKno isa changin. Kind of exciting. We can only hope it turns out to be a wonderful positive for the community.

Rachel's picture

Oh goody. More student

Oh goody. More student apartments.

WhitesCreek's picture

A contradiction in terms?

"The community will also be adjacent to one of the most extensive natural urban environments on the East Coast."

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