Mixed Use Development in Alcoa, TN
NAI Koella | RM Moore Announces the Development of a 300-Unit Class A Multifamily Project to be Built Within Springbrook Farm
NAI Koella RM Moore announced today that, Vital at Springbrook Farm (“Vital”), a new Class A, resort-style multifamily project is expected to break ground in the fourth quarter within Springbrook Farm, a large mixed-use development in Alcoa, Tennessee. Vital will feature 300 luxury apartment units and will be located on the corners of Tesla and Centennial Boulevards. The developer is a joint venture formed by Bluedog Capital Partners (“Bluedog”) and StoneRiver Company (“StoneRiver”). JDavis, located in Raleigh, North Carolina, is the architect, and C2RL, Inc., located in Alcoa, is the civil engineer. The team anticipates the project to be completed by the end of 2022.
RESIGHT as Airport Center Development Partners, the master developers of Springbrook Farm, started working on the old Alcoa West Plant in 2007 with visions of creating a mixed-use lifestyle development including retail, restaurants and a residential component. With the help of the City of Alcoa, C2RL, Inc., Ensafe and Geoservices, LLC, RESIGHT created a master plan to bring life to the old brownfield development.
The Bluedog team, led by Richard Tasca, Kevin Maloof and Sarah Harris, began the vision for Vital in 2016. Harris was establishing a Bluedog office in Knoxville when she contacted the listing brokers, NAI Koella/RM Moore. Bluedog found Blount County to be the ideal place to develop additional housing given its proximity to three major interstates, strong job growth, top school systems and limited housing supply with increasing demand. In 2019, Bluedog entered a purchase agreement to acquire two prime parcels totaling 10 acres at the entrance of the town center.
“Our teams at Bluedog and StoneRiver are proud to be a crucial part of the exciting mixed-use development evolving at Springbrook Farm,” said Tasca. “Vital at Springbrook will take its place as a premier 300-unit resort style apartment community focused on the great outdoors and quality of life in Alcoa, Blount County. Strong job and population growth, coupled with the support of County and City officials gives us great confidence in our investment. Springbrook Farm is shaping up to be a dynamic and vibrant community containing hospitality, retail, residential, event and other lifestyle amenities supported by the continued expansion of the Airport, Knoxville and overall pro-business environment.”
In 2021, with the assistance of Mike Kemether at Cushman & Wakefield, Bluedog and StoneRiver formed a joint venture to bring Vital to life. StoneRiver, headquartered in Birmingham, Alabama, and led by Joseph Welden, has a proven and extensive history with multifamily development and management. Since 1995, StoneRiver has acquired, developed, leased, managed and/or sold over $1 billion of real estate. StoneRiver is fully vertically integrated, with in-house property management, development and construction management capabilities. Vital will be StoneRiver’s third multifamily project in the Knoxville area – StoneRiver developed The Village at Westland Cove Apartments between 2017 and 2019 and acquired The Ridge at Hamilton Crossing Apartments in April of 2021. “We are excited to be involved in another Class A project in West Knoxville. Vital at Springbrook Farm will be a unique property that will cater to the strong and growing demand for quality housing in the Alcoa submarket,” said Welden.
Springbrook Farm will feature a walkable community, outdoor amenities and a wide array of restaurants and retail tenants. Recently, Company Distilling announced it will be opening a whiskey manufacturing facility at Springbrook Farm in 2022, featuring a tasting room, brewery and retail store that will host ample outdoor activities and entertainment. Additionally, greenway trails will also run through the mixed-use development, offering several walking and biking options.
Each unit at Vital will feature an open floor plan with balconies, luxury finishes and all of the latest amenities. The unit mix will contain studios, one-bedroom units and two-bedrooms units, with one or two baths. The amenities will include a resort style pool, cabanas, an outdoor pavilion, grilling stations, firepits and incredible views of the Smoky Mountains. The community will have access to the greenway trails providing residents with walkability and convenient access to the rest of the Springbrook Farm development.
StoneRiver will manage Vital’s construction, as well as the lease-up and day-to-day management of the property. The group hopes to begin pre-leasing units by Fall 2022.
About NAI Koella | RM Moore
NAI Koella | RM Moore has been in operation in Knoxville, Tennessee since 1983, providing full-service commercial real estate brokerage support, including the disciplines of Retail, Office, Industrial, Investment Brokerage, Asset Management, Property Management, Consulting & Multifamily. NAI Koella I RM Moore is an organization of professionally trained brokers with international reach and local expertise in commercial real estate. Providing full-service commercial real estate brokerage support to Middle and East Tennessee.
About Bluedog Capital Partners
Founded in 2001 by Sean N. Marchionte and Richard R. Tasca, Bluedog Capital Partners, LLC is a boutique real estate investment firm located in the financial district of Providence, Rhode Island. Bluedog has built its portfolio of business through real estate debt and equity investments ranging from offering private capital to the fix and flip industry to large-scale commercial and hospitality ventures. The company has participated in ventures throughout the United States.
About Stoneriver Company
StoneRiver is a team-driven company that acquires, develops, and manages multifamily real estate opportunities. For nearly 25 years we have grown into an investment company that has invested over $1 Billion in assets across the Southeast. What sets us apart is not only the tenured team behind our investment strategies, but also the value we create through focused property and asset management. Our expertise in Southeast markets and our track record as owners and operators has consistently proven to generate superior risk-adjusted returns.