City Summit isn’t complete, but it’s getting very close. The project has also taken a turn, noted by an intrepid reader who mentioned the shift in a recent comment: The LawlerWood project, built by Merit Construction and designed by Design Innovation Architects, has shifted from apartments for rent to condos for sale. I met with Joe Petre and Ben Petre for a look around the inside and a conversation about the changes.
As shown on the website linked above, the homes are now being offered for sale. Posted just over a week ago, contracts are being drawn up with the first one set to be signed this week. That comes as not all the homes are currently listed on the MLS and tours of prospective buyers have not yet been possible due to construction. All units are currently available, though not all are actively listed. The website includes floorplans.
City Summit, on completion, will include 89 homes, with three studio condos, 52 one bedroom units, and 34 two bedrooms. The studio condos start at just under $300,000. The one-bedroom homes range from the upper $300,000s to the low $400,000 range. The two-bedroom homes start just below $600,000 and range into the mid $700,000 range on the top floor. Floor space tops out at just over 1,100 square feet. It all translates to roughly the mid-$600 range per square foot, which is less than some homes are currently bringing downtown. All homes will be available for move-in in two months.
Joe said the shift from apartments to condos came about simply because of market conditions. He said they noted the large numbers of rental properties coming on the market at one time, particularly in the UT area and just over the river in South Knoxville. While there were also numerous apartments shifting to condos (White Lily, Sterchi, Emporium, Medical Arts) and new condos being built at Lone Tree Pass, those homes were being purchased rapidly despite rising prices. Feeling a stronger market at this moment for condos, they shifted. “Basically the market dictated which way we went.”
The change also changed the dynamic on the investment in a way that helps the city: With the new financial model, the PILOT would not be necessary, and would need to be returned. Joe said, “I’m not sure anyone (in Knoxville) has ever gotten a project to fruition and then said we’re not taking the tax assistance. We did need it when the project was going to be apartments, to make it work . . . These things cannot get done at certain times and places without a TIF or PILOT, but when the market and circumstances changed, it was time to let it go.” This means all new homes will pay full city and county taxes at the sale price from the beginning—property valued at many millions of dollars.
The homes include two different finish schemes, allowing variety and some choice for buyers. The schemes are alternated by floors and are used in homes with a range of sizes and layouts. The homes have lots of windows (all bedrooms have a window) and even one of the studio units occupies a corner, yielding light from two directions. The building includes two elevators due to the number of units. Parking may be leased in the lot across the street should owners be interested.
The homes, though near potential sources of noise like the Interstate and the train were remarkably quiet when I toured. Joe said that the construction practices the company follows, along with current standards for glass, other materials, and best practices have all improved quietness. He said LawlerWood routinely takes extra steps between homes (like separated double walls) and between floors to make for a more insulated sound experience.
A combination washer/dryer is included with each home, as are all other appliances. The counter tops are quartz, with tile backsplashes. Showers are included in all homes, with tile and glass door construction, and homes with a full second bathroom also include a tub. Walk-in closets and ceiling fans are standard in each of the homes and most homes have balconies. Cabinet doors and drawers are slow close and all ceilings are nine-foot. Cabinets are 42 inches. As much as is possible, what is inside the homes has been sourced from local companies. Joe said Dealer’s Warehouse, for example, provided windows and door units.
The views from the homes, particularly the homes on the upper floors, are very nice. Many locally iconic structures and landmarks can be seen from the many balconies and living spaces, including The Sunsphere, Sharp’s Ridge, House Mountain, and a wide swath of downtown buildings. The structure sits at one of the highest points in the downtown area. It’s also quickly becoming one of the most dense areas of downtown with Summit Towers, Ryan’s Row, and City House preceding this development and another slated for the hillside just to the east of City Summit.
Joe said the intention was to offer these homes at the median house price for homes in the Knoxville market. Given that they are downtown, that necessarily dictates that they are smaller. It also offers a choice to potential buyers of purchasing a larger home outside the center city or a smaller one inside at about the same price. It’s a trade off with which all downtown dwellers are familiar.
If you are interested in learning more or contacting Ben or Joe to discuss a purchase, the website gives lots of details and offers a path toward making a contact. For those of us living downtown, we can look forward to 89 homes full of new neighbors this summer.
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