WRS Inc., a South Carolina-based developer, has agreed to buy the vacant Standard Knitting Mill building in East Knoxville from another private owner according to a city of Knoxville press release.
On Thursday, Dec. 12, at 2:30 p.m., representatives of the developer and its local partners will join city officials to brief residents on plans for converting the blighted property into a mixed-use development. The briefing will be held at the Magnolia Avenue campus of Pellissippi State Community College, 1610 E. Magnolia Ave., in the Community Room, MA 109.
While the company will be investing tens of millions of dollars into the redevelopment, the city is being asked to commit to building public infrastructure in the area and for Payment in Lieu of Tax (PILOT) assistance. The PILOT would close the up-front financial gap and make the project financially feasible.
Mayor Madeline Rogero, Mayor-elect Indya Kincannon, members of City Council and city staff will attend the briefing.
WRS, which is currently redeveloping the Underground Atlanta shopping and entertainment district, as well as building malls, retail centers and mixed-use projects across the Southeast, has been represented locally by Justin Cazana, principal with Avison Young.
The building, constructed in the 1940s, is the only remaining structure associated with Standard Knitting Mill. At one time, the operation employed more than 4,000 and produced 1 million garments a week.
Larry Van Guilder is the business/government editor for KnoxTNToday.