New space at Market Square

Communications Director

Eric Vreeland
evreeland@knoxvilletn.gov
(865) 215-3480

400 Main St., Room 654A
Knoxville, TN 37902

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New space at Market Square

Posted: 08/19/2004
 Mayor Bill Haslam broke ground today on two buildings that will include additional parking, office/retail space and condominiums near Market Square in downtown Knoxville.

The projects include a 693-space, city-owned garage and an adjacent 23,000-square-foot building that will house residential and commercial space.

Both projects are expected to be finished in about a year.

"These projects will add to the vitality of downtown by creating new space for people to live and work and providing additional parking for visitors, employees and residents," said Mayor Haslam. "Downtown is seeing a resurgence of activity and these projects continue that momentum."

Kinsey Probasco & Associates is developing the residential and commercial project, which will include 12 two-story condominiums and 8,900 square feet of space for retail or office use.

"We're excited about the future of downtown Knoxville, and pleased to be able to participate in the renaissance of this urban center," said Jon Kinsey, who has been instrumental in the rebirth of Chattanooga's downtown district.

Cost of the parking garage is roughly $11 million, down from $14 million budgeted in fiscal year 2004, because of value engineering, project management and a competitive bid process.

Mayor Haslam reinvested much of that savings in downtown Knoxville, dedicating funds for a movie cinema in the fiscal 2005 budget.

The projects will occupy property formerly used as a surface parking lot. Parking is free at the city-owned State Street garage after 5 p.m. and at Locust Street garage after 6 p.m. on weekdays and throughout the weekend, except for specific special events. 

The parking garage and new residential/commercial project are the second phase of a master plan for the Market Square area that Kinsey Probasco developed after an extensive public-participation process. The movie cinema is included in phase three of that master plan.

Knoxville-based contractor Cardinal Enterprises and architectural firm Goss Piercy Goss are members of Kinsey Probasco's development team.

Johnson & Galyon Contractors submitted the low bid for construction of the parking garage. Ross/Fowler is the project's architect. Knoxville's Community Development Corp. is serving as the project manager, with assistance from Realty Trust.