Kern’s Bakery Named Opportunity Zone Redevelopment Achievement
GlobeSt. Real Estate Forum, one of the most influential national news outlets in the commercial real estate industry, has honored the Kern’s Bakery redevelopment with its Opportunity Zone Redevelopment Achievement Award. It came as part of the Adaptive Reuse 2019 awards gala Sept. 16 in Baltimore. The Knoxville, Tennessee project is also profiled online and featured in the September print issue of GlobeSt. Real Estate Forum magazine.
The publication noted that the mixed-use redevelopment will “reinvigorate” the area as a mixed-use development. The 16-acre project, praised for its innovation, will include:
Retailers, restaurants and collaborative office space within the renovated bakery itself, creating a 75,000-square foot destination with locally-sourced and highly- curated mix of restaurants, specialty purveyors, kiosks, pop-up shops and open seating areas for socializing and listening to live music.
Boutique housing designed to appeal to millennials and members of Generation Z – including young professionals, graduate students, medical students and upper classmen
A brand-name limited-service hotel to serve out-of-town visitors and business travelers.
Kern’s Bakery is located near downtown Knoxville – and one of the most extensive natural urban environments on the East Coast. Completion is expected in Fall of next year.
The opportunity zone program is designed to spur economic development and job growth in areas the U.S. Treasury Department has certified as needing reinvestment.
“We are dedicated to preserving the character of the building and restoring this amazing piece of Knoxville’s history,” states Mallory & Evans Partners principal Alex Dominguez, who accepted the award. “This unique environment will organically attract the best merchants and deliver the authentic, engaging experiences people desire.”
Mallory & Evans Partners, based in Atlanta, is redeveloping Kern’s Bakery. Its principals wield decades of collaborative commercial real estate experience. Ozone Capital Management, LLC, which specializes in opportunity zone investments, is an equity partner for the multifamily component. Johnson Architecture is the architect. For more information, visit experiencekernsbakery.com.
Source: Knoxville News Sentinel
The East Tennessee Economic Development Agency markets and recruits business for the 15 counties in the greater Knoxville-Oak Ridge region of East Tennessee. Visit www.eteda.org
Published September 27, 2019