KNOXVILLE, TN - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced it has broken ground on Livano Knoxville, an approximately 348-unit Class A multifamily community in a qualified opportunity zone in Knoxville, Tennessee. Construction of the development is expected to be completed by spring 2025. The project is being developed in partnership with LIV Development, a leading multifamily developer specializing in vibrant Class A communities across the United States.
"First in our home market of Richmond, Virginia, then Charleston, South Carolina, Raleigh, North Carolina, and, now, Knoxville, Tennessee, Capital Square is developing eight residential communities in leading southeastern markets. Driven by job production, low cost of living and a superior lifestyle, each of these markets are exceptional in their own, unique ways," said Louis Rogers, founder and co-chief executive officer of Capital Square.
The development is located at 451 W. Blount Avenue, along the Tennessee River and directly across from Neyland Stadium, the University of Tennessee's 101,915-person capacity football stadium. The multifamily community will include studio, one-, two- and three-bedroom apartment homes averaging approximately 929 square feet. Residents will have access to major employers including the U.S. Department of Energy Oak Ridge National Laboratory, Covenant Health, the University of Tennessee, Tennessee Valley Authority, Knox County Schools, University Health System, The Dollywood Company, Clayton Homes, DENSO Corporation, Tennova Healthcare and Blount Memorial Hospital.
The partnership has committed an allocation of 10% of the development's units to workforce housing, available to residents who earn up to 80% of the area's annual median family income. The partnership completed the acquisition of the 5.9-acre lot in January 2023 and secured a $70.4 million construction loan agreement with Truist Bank.
"Knoxville is a highly attractive growth market with a rapidly growing population, making this the perfect location for Capital Square to develop our next opportunity zone project," said Whitson Huffman, co-chief executive officer. "As an active developer in Southeast markets, Capital Square is pleased to bring an exceptional multifamily community to Knoxville residents."
The partnership has engaged Ardurra as civil engineer, Niles Bolton Associates, Inc. as building architect, Southern Building Group as general contractor and Design South Interiors as interior designer.