A planned retail center from Partners Development will provide needed services for the multi- and single-family residential developments off Pellissippi Parkway between Hardin Valley and I-40.
The Village at Lovell Crossing will be a 26,600-square-foot retail and office property at 1315 Lovell Road. The center, located on the west side of Lovell Road at the intersection of Yarnell Road/Bob Gray Road, will offer triple net leases at $24 per square foot.
NAI Koella | RM Moore President Roger Moore, Jr., said they are finalizing a deal with a restaurant group for a 5,000-square-foot family-oriented neighborhood sports bar to anchor the center.
Moore said he hoped in December 2019 the development will at least be under construction, if not completed.
Koella Moore senior adviser Michelle Gibbs said they are looking for service related businesses to compliment the upscale apartment complexes and office park nearby.
Desired services include insurance, dry cleaning, a salon, med-spa, secondary restaurant, small fitness center and an express clinic. Retail spaces will be a minimum of 1,000 square feet.
“Although it’s not been your traditional retail corridor, there’s a lot of activity back there,” Gibbs said.
There will be 2,600 square feet of office space on a partial second floor. The parking lot will have 133 spaces and will have access to the traffic light at the corner.
According to 2010 Census demographics, there are 76,318 people living within a five-mile radius of the property and an estimated 25,000 vehicles per day drive on Lovell Road.
“We feel like we’ve been handling a lot of centers over in the Hardin Valley area that (have) gone really well,” Moore said.
A draw for nearby residential
There are several upscale apartment complexes nearby, including Lovell Crossing Apartment Homes, Greystone Pointe, Greystone Vista and The Enclave of Hardin Valley Apartments.
Partners Development began development of Lovell Crossing Apartments in 2005 and completed the 288-unit complex in 2009, said Partners chairman Ron Watkins. There was a high demand for upscale apartments at the time.
The complex offers a resort-style clubhouse, business center, tennis and basketball courts, fresh baked goods, pet park and other amenities.
As the years went by, he said, they wanted to develop services for people living in the complex.
“There’s no restaurant service in the area,” Watkins said. “With a nice restaurant in place there we would add all the support things typical to that area.”
Though there are major hubs of retail, restaurant and services 10 minutes away at Turkey Creek, Watkins said convenience and traffic avoidance are more important than ever to residents, and are the main draws of apartment living. That’s why many urban apartment complexes are moving toward first-floor retail.
“That’s just a common sense factor,” Watkins said. “Traffic avoidance is becoming a bigger and bigger issue in all cities.”
The apartment demand is still high and apartment living is attractive to all ages now, he said.
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“I think apartment growth in this region and this area has been extremely healthy in the last roughly seven or eight years,” Watkins said. “I think it’s beginning to slow down just a little.”
The median home value in the 37932 zip code was $256,100 in October, according to Zillow statistics, a 5.9 percent increase from October 2017. Zillow statistics predict a 3.5 percent increase by October 2019.
Knoxville’s overall median home value was $166,000 in October.
“I think (the Knoxville) market is extremely healthy because the market isn’t overbuilt, and because we have enough spread in our area to minimize heavy traffic complications for all of us and that’s a really special blessing,” Watkins said.
Partners Development previous projects include Knoxville Botanical Gardens and Arboretum, Cherokee Farm and Parkside Plaza in Turkey Creek.