Regas Square Condominiums Has Its First Residents: Symphony Showcases Units

Regas Square Condominiums, Depot Street, Knoxville, June 2019

We’re just a few months shy of four years passed since the first announcement was made that Regas Square Condominiums and retail spaces would be developed. It’s been a long process and Joe Petre, one of the developers and the owner of Conversion Properties, says it started with the early discovery that the geological testing had missed in its estimation of the depth of rock beneath the site. And so began the delays.

Regas Square Condominiums, Depot Street, Knoxville, June 2019

Regas Square Condominiums Lobby, Depot Street, Knoxville, June 2019

Regas Square Condominiums Terrace, Depot Street, Knoxville, June 2019

Regas Square Condominiums Terrace, Depot Street, Knoxville, June 2019

Along the way, in addition to the usual regulatory and  inspection hurdles, the struggle to maintain the desired timeline was made more difficult by the fact that Knoxville is experiencing a construction boom. Lining up the appropriate crews for each stage was often difficult as all developers are competing for a limited pool of contractors. Also, while it might seem logical that the developers simply repeated the same basic plan throughout the building, it turns out there are nineteen different plans found throughout the building.

Regas Square Condominiums, Unit 619, Design by A. T. Yanno, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 619, Design by A. T. Yanno, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 619, Design by A. T. Yanno, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 619, Design by A. T. Yanno, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 619, Design by A. T. Yanno, Depot Street, Knoxville, June 2019

The perseverance has paid off in a building that, though redesigned slightly, looks very much like the original renderings. True to the original announcements, it includes 101 one, two and three bedroom private residences and nearly 22,000 square feet of retail space. On-site, interior parking is included on two levels with the entry on the back side of the building. A club room, storage, fitness center, private balconies and a large shared second-floor terrace make the property even more appealing.

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

When large residential projects are announced, speculation naturally begins as to what the demand will ultimately be and whether Knoxville’s market will sustain the growth. Demand for these units has been strong. Mr. Petre says that about a dozen have closed with the first residents moving in the last week of May. An additional thirty-seven are under contract and ready to close. In total, sixty-three of the units are spoken for, leaving thirty-eight still available. He anticipates the sixty-three units will be occupied by sometime in August.

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 618, Design by Paula Clancy, Depot Street, Knoxville, June 2019

That so many units have been sold in a building still under construction (units are being finished as closings are scheduled and certificates of occupancy are awarded) is remarkable. Some units were reserved before construction even began and each of the current owners had to imagine their space as they placed money down.

It helped along the way, Mr. Petre says, that potential occupants were able to see the steel and concrete construction emerging and know that it was well-built. They were also able to visit the various floors and see the magnificent views afforded by the building. The remaining units are much closer to finished and will require less imagination which should make them easier for those of us who have a hard time picturing an abstraction.

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

The goal all along was to have about this number of units sold by the time construction was nearly complete, but Mr. Petre points out that wasn’t a given. Prices on the units increased over the course of the three years the building was under construction and that helped cover increases in labor and material costs over the period. The smallest, early units sold in the 200K range while typical prices as the project proceeded ranged around a half-million dollars.

The homes pictured here, include three units which have been sold and are a part of the annual (and fiftieth) Knoxville Symphony League ShowHouse. The event offers ticket holders the opportunity to tour a portion of the building including these units which have been decorated by the decorators noted under the photographs. These units include upgrades the owners purchased, but reflect what can be accomplished through well-planned decor.

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Tickets for the tour are $20 or $30 and are available at the door. The tour starts today and runs through June 30. Hours and days going forward are Tuesday through Saturday from 10:00 AM to 4:00 PM and Sunday from 1:00 PM to 5:00 PM. Proceeds benefit the Knoxville Symphony Orchestra.

Unit 617 is the penthouse in the corner of the building which prominently extends above the others. Considerably larger, it includes two outdoor spaces and the largest of these has accordion glass doors which can be opened to merge the interior and exterior spaces. Floor-to-ceiling windows offer quite possibly the best views of downtown available from any residence in the city.

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Regas Square Condominiums, Unit 617, Design by Bennett Galleries, Depot Street, Knoxville, June 2019

Each of the three units I toured offer great views of the Old City, the heart of downtown, the Sunsphere and on a clear day like the one I toured, of Mount LeConte. Vitually all the units in the building offer small-to-large private balconies to complement the larger public outdoor terrace. In addition to the views, modern design and lots of light are recurring themes in the homes.

I asked about the retail spaces and was told that progress is being made, but contracts have not been signed. The plan from the beginning was to focus on the residential units and to proceed thoughtfully with occupants for the retail spaces. The largest spaces on the end are likely to be filled with restaurants, but Mr. Petre pointed out that the three 2500 gallon grease traps they have installed could potentially support up to four restaurants.

Regas Square Retail Space, Depot Street, Knoxville, June 2019

Regas Square Retail Space, Depot Street, Knoxville, June 2019

Regas Square Retail Space, Depot Street, Knoxville, June 2019

“We wanted to build a neighborhood and we want to get it right. We’re looking for the best fit for our residential buyers and for other residents nearby. The power of having a large number of units above allowed us the luxury of taking our time with the retail spaces.” He pointed out that all of the development team is local and they want to make the city a better place for everyone, including their own families.

Anyone interested in the residential or commercial property can visit the Regas Square website to learn more or contact Mr. Petre at 865-246-1331 or jpetre@conversionprop.com.

Comments

  1. These look gorgeous! So glad the symphony is showcasing them as I was wondering if some type of tour would be available! I’ll be down there soon with some friends!

  2. I’m sad that Theatre Knoxville was not able to stay in this area. (But we do love our new space!) The residents of these beautiful condos would have made a great audience pool. I love the look from the balconies. I also applaud the foresight to install the grease traps that will make leasing to restaurants in this area much easier.
    Congratulations Joe Petre and Conversion Properties.

  3. G. Mitchell says

    Beautifully done and those lucky condo owners also have access to the amazing Vienna Coffee shop right next door! Awesome!

  4. i noticed not mention of or photos of a pool. but i distinctly remember in the previous plans it was a part of those plans. i have followed the progress of these condos as i have a great view of them from my 10th floor condo downtown and have watched the progress of them daily.

    • KnoxvilleUrbanGuy says

      You’ll have to look back at the articles and find that for me, Darrell. I think your memory is playing tricks on you. I don’t think they ever mentioned a pool.

    • As happy owners of one of the units in the new building, we can attest that no pool was promised. We bought pre-construction. We are actually happy that we do not have a pool in the building. Having lived in a high-rise condo in Charlotte that did have a pool, it was a source of many issues for residents.

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