About eight months have passed since I announced the plans for the Mews II, the second set of condominiums Jeffrey Nash is constructing on Magnolia Avenue. The first, The Mews, on the opposite side of Ogden from the current set, has been a huge success. All units in that development were sold out in three months and a good number have already re-sold at significant appreciation.
The speed with which Mews II is proceeding is startling. Jeffrey Nash, owner of the Courtland Group, which is developing the condos said he expects an August 2019 completion date. Given timelines we often see in downtown development, that seems fast. I’m also enjoying seeing how the different developments are changing the view from the street, as well as from the Interstate.
You can see Regas Square condos just behind Mews II and both are offering the people passing through the city a better look. It’s an area that not so long ago – certainly within the time frame of this website – would have been considered far out on the fringes of downtown. Now, with Regas Square, The Mews, this development, Public House, TVB and Magnolia Records all in a cluster, it doesn’t feel so remote.
Add to that, Geo Hair Lab, Paulk and Company and A Dopo Pizza just around the corner in one direction and Knoxville High School Independent Living in the other direction, and the area seems to be the northern equivalent to the southern development along Sevier.
There’s also new website, which is where you’ll find the two new renderings shown here. It’s interesting to look at the placement of the billboard which, to my eyes works better than I could have imagined. Readers of the previous article will remember that Lamar Sign Company would not sell the sliver of land on which the billboard is located, necessitating a complicated plan to build around it.
The website also features floor plans for the twenty condos and gives a bit of insight into the structure of the building. The first floor will feature 4,200 square feet of commercial space along Magnolia. This is down slightly from the 5,000 previously reported, but still a significant amount of space for a building this size.
The entire space will begin as one large single unit. The number of tenants this represents will depend on the needs of those who purchase the space or spaces – it could be as few as two or as many as four. That’s another twist – the commercial spaces will be sold, not leased, just like the homes in the building. I’m not sure I’ve seen that happen in downtown Knoxville in the past, so it may be a unique opportunity to own your portion of a building without leasing or having to purchase an entire building.
The second and third floors have eight units each and you may notice that prices have increased in the six months since the original announcement. Originally announced to begin at $200,000 for a one-bedroom unit, the beginning price is now start at $210,000 for a 622 square foot, one-bedroom home. The most expensive unit is a two-story, three-bedroom home with 1918 square feet, originally projected to be priced at about $460,000, which is now listed at $495,000.
Mr. Nash said that initial interest has been very strong. One of the units has already been purchased by a buyer from New York. If the pattern follows from the first phase, The Mews, the building will likely be sold out before it opens or soon thereafter. The construction is being completed by the Courtland Group construction crew and designs are by the Courtland Group and R2R.
If you are interested in the possibility of owning one of the homes or one of the commercial spaces, there is a contact template at the bottom of the website, or you can call Kimberly Dixon Hamilton weekdays at (865)588-5535.