Knoxville's Community Development Corporation (KCDC) hosted a groundbreaking ceremony today at the site of the old Eastport school at 2036 Bethel Avenue. The ceremony was in honor of the beginning of the renovation of the old school site that will become senior residences called Residences at Eastport.

Mayor Bill Haslam, Knox County Mayor Mike Ragsdale, KCDC Executive Director and CEO Alvin Nance, President of KCDC Board of Commissioners Juanita Cannon, Sixth District City Councilman Daniel Brown, Knox County Commission Chairman Thomas "Tank" Strickland and several other dignitaries participated in the ceremony.

The school, which was built in 1932, has been empty for many years and will be transformed into 85 studio apartments for low and moderate income senior citizens. This project will include 25 apartments in the existing Eastport School and KCDC is building an addition that will include 60 more.

The City of Knoxville has provided an $869,000 Neighborhood Stabilization Grant. Overall this is a $14.46 million project, most of the money is from the federal government, though there are also some low-interest loans and KCDC non-federal funds involved.

This project fits HUD's Sustainable Communities Initiatives because the goal is to redevelop vacant property for the benefit of low-and-moderate income people.

It is scheduled to open July 11, 2011.