News Summary
The University of Tennessee Board of Trustees has approved a ‘buying an option to buy’ agreement for the Maplehurst neighborhood, aimed at developing an innovation district. This 5.6-acre area will be transformed into a live-work-play space, prioritizing collaboration with The University Financing Foundation to assess future plans while ensuring current residents’ concerns are addressed, especially regarding displacement and community preservation.
Knoxville – The University of Tennessee (UT) Board of Trustees has voted to enter a “buying an option to buy” agreement for the Maplehurst neighborhood, a 5.6-acre area located on the eastern edge of the university’s campus. This decision comes as part of a proposed initiative to develop the area into an innovation district aimed at linking the campus with downtown Knoxville.
Under this agreement, UT will not acquire the property outright. Instead, it will collaborate with The University Financing Foundation (TUFF), a nonprofit third-party developer, which will purchase the site for $45 million and hold it for up to 10 years while UT evaluates potential plans for the site.
The vision for the Maplehurst Innovation District includes transforming the neighborhood into a “live-work-play” area, integrating various spaces for retail, residential, academic, and industry purposes centered around innovation. Planned uses for the development encompass artificial intelligence research, dry labs, incubator programs, and facilities specifically for the university’s College of Emerging and Collaborative Studies.
Historically, the Maplehurst neighborhood has been significant for providing affordable housing to students for over a century. However, the future of the area has raised concerns among current residents, particularly regarding potential displacement and the lack of communication from university officials regarding these developments. Residents have expressed frustration over insufficient outreach efforts related to the university’s plans for the neighborhood.
In a recent board meeting, a nuclear engineering graduate student voiced concerns about the board’s communication strategy with current residents. Additionally, a UT alumnus raised worries about the importance of preserving historic structures amid the university’s expansion and the need to maintain the community’s character.
UT System President Randy Boyd noted that the Maplehurst property would be sold regardless of UT’s involvement, emphasizing the necessity for the university to be proactive in the situation. Concerns have also emerged regarding the state of existing buildings in Maplehurst, which include issues related to maintenance, increasing rents, and aging infrastructure. While some structures have been regarded as lacking architectural significance, others have been appreciated for their historical value.
Chancellor Donde Plowman has assured stakeholders that the university will play an active role in the development decisions, aiming to preserve the neighborhood’s history. Furthermore, current apartments will remain available for lease and in use during the holding period, with development plans not anticipated to materialize immediately. During this holding period, UT expects to spend up to $1.5 million annually in holding costs to TUFF. If the university chooses not to move forward with development, it may owe TUFF up to $10 million.
This agreement allows UT to maintain oversight over the future development of Maplehurst, rather than handing the reins to an outside entity. The proposal is part of a broader initiative for innovation districts within UT, which may include other prospective projects in Oak Ridge, as well as a focus on a corridor targeting nuclear research and advanced manufacturing.
Currently, the plans for these innovation districts remain in the conceptual stages, with no established timeline for development. The university has stressed that community involvement and stakeholder engagement will be essential components of the future planning process, aligning development with the needs and values of local residents.
Deeper Dive: News & Info About This Topic
HERE Resources
Knoxville Develops New Innovation District
University of Tennessee to Vote on Maplehurst Property Agreement
Additional Resources
- Inside of Knoxville: UT Moves Forward with Maplehurst Deal
- Knox News: University of Tennessee Innovation District Planned for Maplehurst
- WATE: UTK Board to Vote on Agreement for Maplehurst Property
- Wikipedia: University of Tennessee
- WBIR: UT Leaders Considering Growth Opportunities
- Encyclopedia Britannica: Innovation