The News Sentinel's Josh Flory reports that the Tennessee Building Commission has approved the sale of the former Supreme Court building property at Henley Street and Cumberland Avenue to the Knoxville Industrial Development Board, which will then lease the property for a big-ass $78 million mixed-use hotel/retail/office/residential development called Metropolitan Plaza.
It's been a controversial proposal from the start, since a lot of people felt the tax-abatement funding for the plan violates a voter-approved ban on city money for a "convention center hotel." Courts have ruled that the proposed development isn't a convention center hotel, and that even if it was, the tax abatement doesn't count as direct city funding anyway.
More discussion at KnoxViews. Image courtesy of McCarty Holsaple McCarty Architects & Interior Designers.
It's been a controversial proposal from the start, since a lot of people felt the tax-abatement funding for the plan violates a voter-approved ban on city money for a "convention center hotel." Courts have ruled that the proposed development isn't a convention center hotel, and that even if it was, the tax abatement doesn't count as direct city funding anyway.
More discussion at KnoxViews. Image courtesy of McCarty Holsaple McCarty Architects & Interior Designers.
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