KNOXVILLE, Tenn. (WATE) — The Knox County Commission will vote Monday on the proposal to move the Knox County School Board Administrative Offices from the Andrew Johnson Building to the TVA East Tower.
As part of that proposal, the county would also acquire the Summer Place Complex, which consists of 700 parking spaces, 60,000 sq. ft. or usable office space, and 50,000 sq. ft. of storage space.
That sale will cost the county $1.6 million.
The proposal detailing that the county will also lease the upper 12 floors of the TVA East Tower and adjacent parking lot, known as Fritts Lot.
As part of the proposal, $2 million of improvements will be needed at the Summer Place Complex location.
“TVA will sell for $1.6 million. That parking garage alone is probably worth an excess of $20 million dollars,” said Knox County Mayor Glenn Jacobs.
As part of this proposal, UT would is anticipated to lease the upper six floors and pay for those renovations. UT’s rent payment would be $1 per square foot and UT would pay its share of operating expenses related to those floors.
Another piece of the proposal, the sale of the Andrew Johnson Building. Right now, if the County Commission approves the plan to move the Knox Co. School system administrative offices, BNA Associates would buy the AJ Building for $6 million.
“It’s one of the last big properties, the largest, that can be redeveloped. The historical significance, the architectural appeal… all those things are really interesting to people. They can get value out of that investment,” said Joe Petre, President and Founder of Conversion Properties in Knoxville.
The County Commission will vote Monday. The meeting is scheduled to begin at 5 p.m. in the main assembly room of the City County Building.
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