KNOXVILLE, Tenn. (WATE) — A building near Knoxville’s Market Square is getting new luxury condos after being bought for $12 million last month.
The US Bank Building at 607 Market Street in downtown Knoxville was bought by LawlerWood LLC for $12 million on March 31. They have also partnered with Home Federal Bank to secure parking for the building at a nearby Clinch Avenue parking lot. Home Federal also acted as the lender for the sale.
New Madisonville employee saved by quick-thinking co-worker after lawnmower accident
LawlerWood LLC told 6 News that the ground-floor retail tenants, US Bank and the French Market, will remain in place, while the rest of the ground floor will be turned into amenities for 48 new luxury condos. The condos will be set up on floors two through 12 of the tower. Three penthouses united will be built on each of the top two floors, while the lower floors will have only four or five units per floor.
The development will cost around $40 million, and LawlerWood said the project will be complete by Fall 2027. LawlerWood is also nearly finished with its other downtown condominium project, City Summit on the top of Summit Hill. The project will include 89 units and is set to be finished by the end of May. The development manager said that the projects exceed $90 million in downtown Knoxville development.
Crowne Plaza hotel in Knoxville sold for over $30 million
LawlerWood, which is based in Knoxville, also handled the development of Alcoa High School, the Axle Logistics Headquarters, and the Riverview Office Tower, which was recently bought by Apex Bank for $44,170,000…