Pad-Ready Sites - New Food City Development - Oak Ridge Hwy

Vacant Land for Sale
Catylist Listing ID: 29899267
Property Subtypes: Retail-Pad
Gross Land Area: 0.39 - 1.97 Acres
Sale Price: $1,000,000 - 1,150,000 Per Acre
Land Splits Available: Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/15/2022

Overview / Comments

- Pad Ready Sites with new access roads and traffic signals (Lots 2-4 & 5)
- Intersection of Oak Ridge Hwy and new 5-lane Schaad Road
- 30 acre development anchored by new Food City opening March 2021
- Over 3,046 new homes approved in the trade area
- Sites priced per acre, precise acreage to be determined by survey
- Off-site detention in place

Pad-ready hard corner sites in Grassy Creek development, anchored by new Food City grocery store opened March 2021. Food City (KVAT Food Stores) is the 33rd largest grocer in the US with 127 stores and 16,000+ employees across Tennessee, Georgia, Virginia and Kentucky, and sales exceeding $2B.

Located at the new intersection of Oak Ridge Hwy and Schaad Road, Oak Ridge Hwy (TN-62) has recently been widened to 5 lanes and connects Karns with Downtown Knoxville. Schaad Road is a new 5 lane ring road to connect I-75 in N. Knoxville with I-40/75 in W. Knoxville, on track for 2022 completion.

Combined Traffic Count of 52,910 VPD upon 2022 completion of Schaad Road (CDM Smith TIA). Current combined traffic count of 34,410 VPD has been reduced due to road construction.

Limited inventory, High growth area with great schools, and over 2,376 new homes approved in the trade area. This is one of the few areas in Knox County with remaining developable land for residential growth.

Easy access and visibility via new project roads signalized at Oak Ridge Hwy and the new Schaad Road.

Serving the growing Karns community of Knoxville, convenient to employees in the CBD, Pellissippi Technology Corridor, Oak Ridge National Lab/DOE Installation and the University of Tennessee.

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: Knox County
Tax ID/APN: 079 03302
Market Type: Large
Property Located Between: Schaad Road and Oak Ridge Highway
Road Type: Highway
Property Visibility: Excellent
Largest Nearby Street: TN-62 Oak Ridge Highway/Western Avenue
Site Description: Graded pad sites with utilties and access stubbed in, regional detention pond in place to serve development on these sites.
Area Description: This development site sits high and level and will be delivered pad ready. It will have great visibility from both Schaad and Oak Ridge Highway.
Zoning Description: CA Zoning
Development Name: Grassy Creek
Topography: Level
Soil Type: Mixed
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Broadband
Water Service: Municipal
Sewer Type: Municipal, Storm

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,723 51,991 143,566
Median Age: 35.34 36.11 36.32
Households: 2,961 21,331 62,501

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