OZ Redevelopment Plans for Historic Bakery Site Unveiled
Mallory & Evans and Ozone Capital will build and invest in an Opportunity Zone, which will likely stimulate the local economy.
Knoxville, TN—Mallory & Evans Partners alongside alternative asset management firm Ozone Capital Management, recently unveiled plans for the redevelopment of the 156-year-old Kern Bakery site. Ozone Capital is financing the project. Plans call for the construction of a mixed-use development which preserves the historic site and will include retail, entertainment, restaurants, and office space. A 160-unit multifamily complex and a hotel will also be part of the 16-acre development area.
“The building has a great street presence and we will keep as much of the history of Kern’s as possible,” says Brantley Basinger, principal of Mallory & Evans Partners says. “The entire front will remain as required by the historic preservation guidelines. We will add natural lighting and possibly a rooftop patio. The old loading docks will become an event lawn.”
Designed to appeal to millennials plus young professionals, medical students, graduate students, and upper classmen from the nearby University of Tennessee, amenities will include co-working spaces, fitness center, a pool, elevators, a clubhouse, and views of the skyline and green space. A roommate matching service is available.
“The building is filled with character. Peter Kern was an inventor and an entrepreneur and the building reflects that. It’s authentic and eclectic,” says Alex Dominguez, principal of Mallory & Evans Partners. “There is a ramp down to the basement from the center of the main warehouse, silos that held baking ingredients, and a rail spur that connected the freight line to what was the bustling production area. Best of all is the original sign with a loaf of bread showing slices falling slowly.”
The project is being built in an Opportunity Zone, which will likely stimulate the local economic activity.
“We’re already employing a landscape maintenance company and enlisting local vendors for equipment in the public areas,” explains Basinger. “We hope to have 8-10 food hall restaurants, potentially a local grocer, a bike shop and an outdoors outfitter. We’re using local architects and engineers as well as subcontractors.”
Construction on the boutique housing is expected to begin this summer. The retail and restaurant portion will begin in July. Both should be complete by August 2020.