Case Study: Development

Knoxville's Community Development Corporation

Challenge

Knoxville’s Community Development Corporation proposed a creative approach to redevelopment in a traditional neighborhood, and the organization chose to select a developer to initiate and manage the project.

Our Approach

Working in partnership with the development corporation staff, their board of directors, and representatives from state government, we developed a progressive approach to the construction of a new facility in a traditional neighborhood. We proposed a build-to-suit lease with the State of Tennessee for a centralized office building that combined several separate state offices into a "one-stop" center. We guided our client through all phases of the project, including project feasibility, lease negotiation, project management, and securing appropriate financing.

Success

The state occupied the building in April 2003 with a long-term lease commitment. The project was developed within budget and time schedule and is meeting its financial performance targets as described in the feasibility plan, as well as providing a cost savings to the State of Tennessee.