Restaurant Sites at Prosperity Crossing

Vacant Land for Sale
Catylist Listing ID: 29920205
Property Subtypes: Retail-Pad
Gross Land Area: 1 - 63 Acres
Sale Price: $525,000 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/3/2020

Overview / Comments

Restaurant sites for sale or ground lease at Prosperity Crossing, East Tennessee's newest regional, mixed-use development. This project has over 100,000 VPD traffic count and over 2 miles of visibility at the I-40/75 junction. Sites are delivered pad-ready to accommodate any time frame, and can be combined or subdivided. Prosperity Crossing's master plan includes over 1,000,000sf of retail, up to 384 multifamily units, several hotels and restaurants, and sports/entertainment, office and flex components.

Excellent location in the local market on a main interchange servicing Farragut & Hardin Valley, Knoxville's highest income and fastest growing areas. The 5-mile radius population of 36,472 grew 26% between 2000-2010 and has an average HH income of $96.572. In addition to the University of Tennessee and Oak Ridge National Laboratory, there are several companies with headquarters in the area including Pilot Flying J, Regal Cinemas, PetSafe, Ruby Tuesdays and many others. This is a prime location to catch tourist, government and business travelers.

From a regional perspective, this site has 2 miles of visibility to the 100,000+ VPD at the I-40/I-75 junction. This is the last exit before the split of the convergence of the nation's busiest east-west and busiest north-south interstates. It's a frequented stopping point for cross-country traveler starting trips from Florida, the East Coast and the Midwest.

The 225-acre project is fully entitled. A $6.1M TIF and private funds are in place for improvements to Watt Road and construction of a landscaped boulevard running through the entire development from the I-40/75 interchange to the western end of the new Hardin Valley Drive, a major arterial. An Interchange Modification Study is complete for improvements to more than double capacity of this interchange to accommodate quickly increasing passenger vehicle traffic and decreasing truck traffic.

Excellent sites remain for hotels, restaurants, retail, sports/entertainment dealerships, office/flex and a variety of other uses. Located in Knox and Loudon counties just outside of the limits of the Town of Farragut, the sites are Zoned CB (Business zone). The site plan is flexible, and other lots are available. Price per acre for each lot varies based on size, access and visibility.

Visit our site for more information.

Sales & Leasing Contact;
Brandon Clark

• Pad ready sites
• I-40/75 visibiity and access via Exit 369
• All utilities and access road to site by Seller

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 141 033, 141 028, 141 03304
Property Located Between: I-40/75 & Watt/Everett Road
Largest Nearby Street: I-40/75
Feet of Frontage: 3,500
Site Description: Site grading in process. Pad ready sites graded into hillside.
Area Description: Exit 369 (Watt Rd) off of Interstate 40/75. Right onto Watt Road. Left onto El Camino Lane. Located at Northwest quadrant of Interchange 369.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,738 16,968 43,649
Median Age: 42.14 44.35 43.15
Households: 818 6,401 16,589


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