KNOXVILLE, Tenn. (WATE) — A $27-million proposal to turn a downtown Knoxville parking lot into a 22,000 square feet of retail shopping, restaurants and housing will go before city leaders this month.

Hatcher-Hill Properties, a Knoxville-based commercial real estate development company, has released a proposal to turn a surface parking lot in the 200 block of Gay Street into a vibrant destination for restaurants, shopping and even live music.

Hatcher-Hill Properties cofounder Tim Hill said the project plans would include more than 50 new living spaces and 22,000 square feet of retail and restaurant space contained in roughly half an acre of land.

“I would call it somewhat similar to Market Square, in the sense that you have this pedestrian plaza with retail on each side of the plaza.”

Tim Hill, Hatcher-Hill Properties cofounder

Hill told WATE that the proposal was created at the request of Knoxville’s Community Development Corporation, a public housing and redevelopment authority for Knoxville and Knox County that owns the property.

He said KCDC sought a proposal for a creative development to attract pedestrians from the 300 block Gay Street into the northern part of downtown and bridge the gap created by W. Summitt Hill Drive and these surface parking lots.

The company plans to share its proposal with city and county leaders later this month. If approved, Hill said that construction could begin as soon as October. The project is estimated to take two years to complete.