More on the Arby’s renovation

@cmc_bumblebee asked for more about the Arby’s renovation downtown. Here’s more from the PILOT application found in the agenda packet from Tuesday’s meeting (item 11k for you wonks out there):

  • Nine apartments – seven 1BR, two 2BR
  • 4,500 sf retail space fronting Gay and Union
  • Using historic tax credits and property will be  redeveloped to NPS standards.
  • Plans to keep the building in the family of the current owners.
  • Parking is expected to be found on the street and in State Street Parking Garage.
  • Current property assessment is $119,000, and city tax bill is $3,327 (city) and $2,824 (county).
  • After project is done, assessment is expected to rise to $926,384, with a $25k city bill and a $21k county bill with estimated $2.9M in annual retail sales and $272k in sales tax generated.

 

About Gerald

A reporter in Knoxville, TN. Work (mostly) inside and play (mostly) outside. I'm a part of the X or the Y generation. None of us claim the other.
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