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Student Housing Complex Gets Final OK on $8M Tax Deal

By: Steve Goldman, CCIM
Photo Courtesy of Knoxnews.com

Photo Courtesy of Knoxnews.com

A $45 million student housing complex on Cumberland Ave got its final approval Monday for a 15-year, $8 million tax incentive.

The Industrial Development Board approved the deal, which had already been approved two weeks prior by the City Council.

“Even though there’s a lot of development going on, this is one actually falling under the form district for Cumberland Avenue,” said Dawn Michelle Foster, the city’s redevelopment director. “This is the very first one.”

The development will have 10,000 feet of retail space along with 138 residential units that will be marketed primarily to University of Tennessee students.

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