Tucked away behind Church Street United Methodist Church along Henley Street is a tiny neighborhood with outsized potential to boost innovation at the University of Tennessee at Knoxville.
UT leaders have their eyes on a 5.6-acre property at 814 W. Hill Ave. as the site of an “innovation district” that would also play a key role in connecting downtown and campus
The UT System Board of Trustees, at its annual meeting June 30 and July 1, will discuss whether to enter into a deal with a company that would purchase and hold the land to give UT time to decide how to create a “live-work-play-learn” neighborhood designed to bring together researchers, residents and retail in a lively combination.
How would the University of Tennessee use the property?
UT envisions developing a space focused on tech innovation and economic growth, bolstered by connecting campus to downtown. It would combine academic, corporate, residential and retail spaces to create an innovation district, according to agenda documents.
Innovation districts are not a new concept. The Global Institute for Innovation Districts researches, tracks and works with these districts around the world as they encourage community connections, research and entrepreneurship.
UT’s potential innovation districts, including one proposed for Oak Ridge and another across the Tennessee River, would focus on research in key fields such as nuclear, medical and artificial intelligence.
The Maplehurst neighborhood, pictured on the downtown side of the river between the Henley Street and railroad bridges, is located between the University of Tennessee at Knoxville and downtown. It is here that UT envisions the Maplehurst Innovation District, which would bridge these two parts of town while serving as a “live-work-play-learn neighborhood” and an incubator for tech research.
Branded the “Maplehurst Innovation District,” according to Chancellor Donde Plowman’s upcoming presentation to the board, the Hill Avenue property also would be an incubator for UT academic programs, the UT AI Tennessee Initiative and startup companies.
The property fits within the 1.5-mile radius the university identified within UT’s master plan, which covers all of campus and nearby areas where the university could grow. That includes the Research Park at Cherokee Farms, Cherokee Mills and the former Walmart space UT wants to lease.
During the process of deciding what the Maplehurst Innovation District could look like, UT would work with local government, the Knoxville Chamber and other stakeholders to preserve the “historical nature of the Maplehurst neighborhood,” according to agenda documents.
The neighborhood is just south of World’s Fair Park and just west of Henley Street, and is home to the Maplehurst Park Apartments.
Maplehurst property would be part of University of Tennessee innovation districts
In her upcoming presentation to the board, Plowman is expected to highlight two additional long-term innovation projects: the “Peninsula Innovation District” and the “Oak Ridge Innovation Corridor.”
The peninsula project covers more than 300 acres across the Tennessee River, including the Research Park at Cherokee Farm, UT Medical Center and UT Institute of Agriculture properties. The district would prioritize “research in advanced materials,” along with manufacturing, human health and wellness research.
The Oak Ridge Innovation Corridor would provide students opportunities to work with nuclear industry partners and researchers. This corridor would support research in “next-generation materials and advanced manufacturing tech” and aligns with UT System President Randy Boyd’s priority of developing student housing in Oak Ridge.
If approved, the university would work with The University Financing Foundation to purchase the Maplehurst property at 814 W. Hill Ave. for $45 million. The property includes 199 apartment units, parking and a view of the Sunsphere.
None of the innovation districts have a rigid timeline. All three projects are in the conceptual stages of development, and it will be years before any of break ground − if UT decides to pursue the projects.
Who would own the Maplehurst Innovation District?
If the trustees approve, the university would work with The University Financing Foundation, known as TUFF, which would purchase the property for the Maplehurst Innovation District for $45 million. The property includes 199 apartment units and parking, according to agenda documents.
TUFF would manage the property, including leasing the Maplehurst Park Apartments that sit on the site, and would hold on to the property for five years. This gives UT time to decide how it would develop the property, if at all.
UT would pay TUFF holding costs of no more than $1.5 million each year. If UT decided not to develop the property, it would pay TUFF upwards of $10 million for any losses incurred by selling to another party.
Keenan Thomas reports for the Knox News business growth and development team. You can reach him by email at keenan.thomas@knoxnews.com.
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This article originally appeared on Knoxville News Sentinel: University of Tennessee pursuing innovation district at Maplehurst