JFG Building Changes Ownership: Units Available

Knoxville Urban Guy·
Development
·45 Comments
JFG Flats, 200 West Jackson, Knoxville, December 2021
JFG Flats, 200 West Jackson, Knoxville, December 2021

A major downtown building is changing hands as the JFG Building (JFG Flats) at 200 West Jackson Avenue is purchased (via Jackson Central Partners, LLC) by Thomas Boyd and Will Sims from Dewhirst Properties (DBA: JFG Partners). The building has been in the hands of Dewhirst Properties since 2009 when they renovated it into apartments.

The seven-story building, constructed in 1924, originally housed Bowman Moore Hat Company. The company only used the building for two years, and in 1926, it was occupied by JFG. JFG Coffee Company, which made a range of additional products, including tea, mayonnaise and peanut butter, and was founded in Morristown in 1882 by James Franklin Goodson. The company sold in 1965, and in 2005 the roaster was moved off Southerland Avenue.

JFG Building, 200 West Jackson, Knoxville (Historic Photo)

After the Dewhirst renovations, the JFG Building became home to fifty-four downtown apartments and three commercial spaces. The JFG Flats contain a variety of studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments. After much speculation, Dewhirst Properties informed residents of the sale and the it becomes final today.

In the letter to residents, it was noted that Dewhirst Properties had considered options regarding the property. Those options included conversion to condominiums and, to that end, a number of the units have not been filled as residents have moved away in recent months, with the idea that condo conversions would begin. With the sale, that plan will be reversed and the empty units will be available for rental once again.

I spoke to Thomas Boyd and Will Sims regarding the move. The two heard the plans to potentially convert the building to condos and reached out to Dewhirst Properties to see if a sale of the building might be possible and the offer of $12,950,000 was accepted. Oliver Smith Realty was the closing agent.

JFG Flats, 200 West Jackson, Knoxville, December 2021 (Photo Courtesy of Will Sims)
JFG Flats, 200 West Jackson, Knoxville, December 2021 (Photo Courtesy of Will Sims)
JFG Flats, 200 West Jackson, Knoxville, December 2021 (Photo Courtesy of Will Sims)

Thomas is excited, among other things, about the prospect of working with Curious Dog, the owners of which are his friends. Beyond that, the two are happy to be “continuing to be the stewards of that building.” Thomas feels that having one owner of the building helps protect its future.

He’s also interested in having apartments rather than condos because renters live in the homes whereas downtown has a number of condo owners who are part-time residents. He feels full-time residents better help downtown move forward. The two see the building as a generational investment and are very invested in having the Old City thrive. He hopes that by keeping prices at as reasonable level as possible, it will help keep the city growing.

Thomas said that Dewhirst Properties has done a great job developing a number of buildings downtown, including this one and that downtown “owes a debt of gratitude to him,” and they are honored to take this building on for its next phase.

JFG Flats, 200 West Jackson, Knoxville, December 2021

The units themselves feature high ceilings and very large windows. Thomas pointed out that, given the concrete construction between each floor and each unit, it may be one of the quietest places to live downtown. Some units have rooftop access and those decks will be refinished. The JFG sign will also be refurbished. The units range from just over 400 square feet to over 1100 square feet.

Somewhere around half of the units are unoccupied and are now officially on the market. If you are interested (quickly) you are requested to send an email inquiry to leasing@jcgknox.com.

Previous ArticleJenna Baker to Open Vid’l, Plant-Based Restaurant in the Old City
Next ArticleDowntown Knoxville Ten Day Planner (12/12-12/21/2021)

Related Posts

45 Responses

  1. Wow – we spent 4 very happy years living in that building from 2011-2014. 2 really great apartments we lived in on the top floor and, yes, this bulding does not suffer from the sound problems that other ones downtown do.

    We made the grevious error of buying an apartment next door at Fire Street Lofts in 2014 and the noise problems there were absolutely endless. That was the main factor in us deciding in 2017 what we needed most in life was no more common walls or ceilings. But if apartments had been made for sale at the JFG that would have been a very, very tough call. It would be really tempting. That may well be the best residental property downtown …

    Reply

  2. Hi. Thanks for this article. But there’s a sentence I am worried about:

    “The JFG sign will also be refurbished.”

    This harkens back to an exchange in your column just a few weeks ago about murals and who can decide to get rid of them. You answered then that the building owners can do that.

    The sign/mural on the JFG building might need refurbishing. It’s been almost 30 years since it was painted. But I hope that when the owners say “refurbish” they do not mean “replacement.”

    Can you clarify this? And if they do refurbish it, I hope they select an artist as talented as the original one. He is still working with great success. Perhaps the owners should contact him.

    Thanks, as always, for keeping us informed about Downtown.

    Reply

    1. They do not intend to do anything to change it, but rather simply to do necessary repairs and bring it back to its former appearance, to the best of my knowledge. It currently has some issues, it seems.

      Reply

      1. Thanks for getting back. It sound like they are talking about the electrical sign atop the building and not the painted sign/mural on the side of the building.

        Reply

  3. I hope it goes well for them. In the past Dewhirst was far from a competent landlord when it came to dealing with tenants. New management should help a lot.

    Reply

    1. As someone who lived in Dewhirst apartments for several years, I think the tenants will miss them. In contrast to what you say, I always experienced Dewhirst as kind and efficient. I haven’t personally lived in a Boyd property, but I have heard many horror stories from fellow downtown residents and friends. I wish them the best, but this sale makes me somewhat sad.

      Reply

      1. I have lived in one of Thomas’ properties downtown for three years now. They are quick to fix any random maintenance issues that pop up, and are always great about notifying us for any work that is being done in the building. Best landlord I have ever had.

        Reply

        1. I lived in JFG for 6 years and moved out because of the sale (because they said it was likely being turned into condos, but whatever) and my experience with them has been much the same. Every issue I ever had was fixed promptly and they emailed regularly to let us know they were doing filters, detectors, fire alarms, whatever. Mine was an older unit with the original appliances so I had to have a garbage disposal and my dishwasher replaced at like 4 & 5 years, respectively, and both were fixed the next day.

          Reply

      2. Would be glad to know of any horror stories from residents and friends seeing that up to this point their footprint in residential has been fairly small. Seems fishy.

        Reply

  4. Unpopular Opinion:

    Imagine having $13,000,000 to buy a building in Knoxville,TN- just…because. All the while, Daddy is getting his baseball stadium built a couple blocks down the road. What an exciting time for the Boyd family wealth portfolio. Knoxville should be so grateful.

    Reply

    1. Well, we don’t need to argue one way or the other. I’d just say that I try really hard not to judge people by how much money they have – whether it is a little or a lot. What we do with what we have is a better judge of our character, I think. In that light, is this a good use of money? My understanding is that it isn’t “just because,” but to preserve a special building and have it contribute to the neighborhood. If you’ve been around Thomas very much, it’s hard not to see his love for the city. Particularly the Old City.

      Reply

      1. Do you think rich people do that when they look at the poor? I don’t. I think they look at people to see what they can use them for to get more money. Its easy to put up a facade of kindness when you don’t have everyday worries like the majority of society.

        Reply

        1. I think there are good people who have a lot of money and good people who have very little. I like to think there are more good people than bad in the world, but there are bad people who are rich and bad people who have very little. I simply don’t think money is the best measure of character.

          Reply

          1. Fair enough. Probably should have worded that differently since it sounded so snarky.

            I know there are plenty of good rich people. I do feel like a majority of them are out of touch with most peoples reality but that’s doesn’t always place them in the sinister category.

          2. It’s relatively easy to start a company with inherited money. It’s also very convenient that the self-proclaimed “pit bull” attorney gets to purchase a building so conveniently located to a city & county & state subsidized project of questionable value & benefit to the community in general.

            That said, in looking at the pics, the utility bills must be extremely high, with wall-installed units & those blocked ceilings which would trap warm air & not allow it to circulate properly. Over-priced & over-rated, imo. Of course, many will likely end up as B&B style units for the sports arena, if it’s ever finished.

          4. Someone must have clearly struck a nerve for our dear friend Joel. Condolences.

            The other commenter brings up another really good point, that no one seemed to touch on. The fact that this purchase only stands to increase significantly in value, after dudes father is constructing a government subsidized baseball stadium. I think anyone with any critical reasoning skills understands what’s happening. It’s just another family enriching themselves- I’m not saying it’s bad or good… it’s just what’s happening, under the guise of “redevelopment and preservation”.

    2. Jealous?

      Also, I believe it’s Randy’s brother, not his son. Randy’s dad is also Thomas. And we are very fortunate to have the Boyds investing in downtown.

      Reply

    3. You are upset that someone is investing 13 million into downtown Knoxville??? Knoxville should be grateful for the Boyd family and all the work they do in Knoxville.

      Reply

  5. We owe a debt of gratitude to Dewhirst Properties; they set us up in the JFG with our young daughters after a house fire. We lived in a very quiet unit that we would enter from the State Street side and had the most lovely next-door neighbor. Those 9 months could have been incredibly stressful, but having a conformable and quiet housing (in walking distance to two cafes!) made things much easier for our family. My daughters look back fondly at our time in the JFG.

    Reply

  6. My wife and I lived there for two years 2018-2020. It’s great and being in the old city is awesome. Good to see it will continue

    Reply

  7. This is a great article! I’ve always loved and still love the history of the Old City and it’s buildings surrounding the area. Restoring and recreating use of that building is music to my ears.

    Reply

  8. 13 million seems like a awfully steep price tag for this building. That is definitely several million over the current market value. Not that the Boyd’s have to care about that, and I’m sure the return on investment will be huge with Daddy’s new stadium coming to town.

    Reply

    1. It’s interesting that you would think that is “definitely” above current market value. Sale prices for condos are hitting $400 per square foot. I have a neighbor who just sold a single unit condo for $1.4 million (much nicer than mine, I assure you) and when I saw less than 10 times that for a massive building, I felt like it was a bargain. I’d be interested in having any realtors who work with downtown property to weigh in. I definitely could be wrong, but that was my first thought.

      Reply

      1. As someone who has been shopping for a condo downtown for the past year, I would agree that $13M for a building is a bargain, maybe to a worrying degree about how much restoration will be needed.

        Reply

        1. Well, structurally, the building is actually pretty much fine. The roof still occasionally leaks on the top floor when we get monsoon-type rains (the roof is a bowl and can’t drain fast enough, I guess) even though it’s been replaced already. The hallways probably will get new carpet and they’ve already been painting the walls. The units themselves will obviously need minor retouching between tenants as usual but I don’t think there will be any MAJOR expenditures for the Boyds to deal with. They might update the appliances where necessary, but they still got a bargain on that building, in my opinion.

          Reply

  9. As a local realtor, mortgage banker, and contractor for nearly 23 years collectively, 13M isn’t an overreach at all. Of course we’ve been navigating the Wild West in our market since the pandemic. With that said, I wish I would’ve had $13M to stroke a check for this property because I would’ve done it in a heartbeat!

    Reply

    1. There’s an email address near the end of the article to contact about information. But I tried it Thursday and it would not go through. Might not have been active yet, or perhaps something else is the matter.

      Reply

    2. Follow-up: I tried the email address again and it is up and working. The person on the other end replied quickly. They are running a little behind but will have information about units available, prices, and tours in a few days. You can add your name to their list to receive that information.

      Reply

  11. Knoxville is very fortunate to have the Boyd family investing in our city. Their love for the Old city is deeply rooted in their passion for the area’s culture and music. And while I don’t always agree with Randy Boyd’s politics, I do admire his work ethic, business acumen and his willingness to support his family in their local ventures. Being successful does not make you a bad person, folks. I’m just glad the Boyd’s are keeping their dollars in our fine city. I’m sure there are a lot of other options calling for their investment.

    Reply

      1. The Boyds have made money selling invisible fences to people all over the world, a fraction of which was consumed in Knoxville. Knoxville is where they spend their money. Knoxville is where they employ their employees.

        Even under the metrics of the toxic and confused world view so many on this message board seem to have, Knoxville has been the big winner (at the expense of the poor consumers world wide, who had to pay excessive and obscene profits to obtain their products from the Boyd’s).

        I suspect their return on Knoxville investments is very, very modest. But don’t let that affect the toxic and false narrative. Please, Carry on with the thinly veiled envy and resentment.

        Reply

        1. Gee, Daniel – is everyone who has a different view from you “toxic and confused”? My comment is certainly not false. One of the Boyds has also made quite a bit from doggie dna & I’m sure that’s promoted at the dog parks they’re sponsoring here. I did not mean to imply that they didn’t make money outside of Knoxville at all, but I’ve heard mixed reviews of invisible fences (to keep dogs on one’s property) & some veterinarians as well as animal advocacy groups consider them a form of abuse. Some people love them. The dogs don’t have much to say about it.
          That said, the Boyds do not spend more than what they receive from the city, county & state, no matter how generous they are. I hope they pay and treat their employees well. Wonder if we can expect some sort of benefit from supporting their hobbies? Oh, I know, the jobs it creates (never as many or as well-paying as promised), the tourism dollars it brings in (but no mention of the increased load on our infrastructures or law-enforcement who have to respond to the crime that inevitably follows where money goes). Just trying to say it isn’t all coming up roses.
          I am definitely not envious of them because I wouldn’t push my own interests in the face of such community opposition. Also don’t resent them, merely want people to have a well-rounded view instead of tunnel vision.

          Reply

          1. “That said, the Boyds do not spend more than what they receive from the city, county & state, no matter how generous they are.”

            This is just not even remotely true if by “spend” you mean expenditures on taxes (state and local), charity and expenditures and consumption within the state and local economies.

          2. Don’t read the newspaper much, do you Daniel? You could also browse state & local goverment websites for actual figures. Please don’t make any more false claims.

            They aren’t the only generous donors in our area either – it’s just that most don’t have the need to use it as an opportunity for free advertisement.

  12. It’s exciting seeing the changes in downtown and this is a forecast of what’s in store for the area.
    Doesn’t seem like many people commenting really read the article but just have a set opinion. Thomas and Will are both good guys and work hard for everything they have. Thomas has his own businesses that he operates and Will has been a catalyst for a lot of the changes downtown as well. I know them both.
    I’m sure Alan can agree as he’s mentioned both of their names in several other articles.

    I’m looking forward to seeing the sign restored (hopefully all the lights will be working) and it’s nice the building will remain rental units.
    Props to them as it’s a sizable risk but such an awesome building.

    Reply

  13. For children growing up in Knoxville it was probably a rite of passage to read the colorful letters of the JFG signs on the building and on the hill next to the East Tennessee Baptist hospital (where my sister was born) before all the newer bright lights took over. I remember the signs as a kid in the 50s and 60s. I’ve been 2400 miles away in Seattle, Wa since 1969. Two signs out her are here the Post – Intelligencer “It’s in the P.I.” Globe and the Rainier Brewery “R”. Both Renovated. I think every city has such memories safe guarded.

    Reply

Your email address will not be published. Required fields are marked *

© 2021 Inside of Knoxville
Site by Robin Easter Design