Knoxville’s Community Development Corporation has entered into an agreement with The Communities Group to serve as co-developer on upcoming phases of the Five Points revitalization.
“This relationship with The Communities Group is a very important one,” KCDC Executive Director and CEO Art Cate said. “We have searched for a master developer partner from candidates across the country and were tremendously impressed with the company’s expertise and decades of experience in affordable housing redevelopment. Its talented staff will be an asset to us for Five Points and other major development and redevelopment initiatives.”
The initial agreement with The Communities Group outlines a 50/50 co-developer relationship to assist KCDC staff with planning, design, land use, development, construction and the securing of financing on Phases 2 through 4 of the Five Points Master Plan.
“We are excited to formalize and expand our partnership with The Communities Group.” said Dan Murphy, chair of the KCDC Board of Commissioners. “As the housing and redevelopment authority of the City of Knoxville and Knox County, KCDC is a regional model of a progressive, innovative agency. With The Communities Group, we have access to even more knowledge, expertise and resources for local projects and to offer our partners in the region.”
KCDC, The Communities Group and Thomas Point Associates currently are working with the City of Knoxville on the Jackson Avenue predevelopment market study, which includes the KCDC-owned former sites of the McClung Warehouses. The report will guide the next steps of redevelopment in that area.
Based in Washington, D.C., The Communities Group is one of the top affordable housing development experts in the country. The firm has experience with redevelopment funded through various U.S. Department of Housing and Urban Development (HUD) programs and grants, including HOPE VI, Choice Neighborhoods and Neighborhood Stabilization Program grants, among others.
KCDC is the housing authority and redevelopment agency for Knoxville.
For more information, visit http://www.kcdc.org.