Capital Square Breaks Ground on Tennessee Community
Located in an Opportunity Zone in Knoxville, the property is expected to be online by spring 2025.
Livano Knoxville. Image courtesy of Capital Square
Capital Square has broken ground on a multifamily development in Knoxville, Tenn. The project, Livano Knoxville, is expected to be online by spring 2025.
The firm partnered with LIV Development on the project and acquired the land for it, a 5.9-acre lot, in January 2023. Since then, the partnership has lined up a $70.4 million construction loan agreement with Truist Bank.
The developers have tapped Southern Building Group as the project’s general contractor, Niles Bolton Associates as the architect, Design South Interiors as the interior designer and Ardurra as the civil engineer. Capital Square is also funding the development of Livano Knoxville with proceeds from its eighth qualified Opportunity Zone fund, CSRA Opportunity Zone Fund VIII.
When completed, the community will offer 348 units in studio, one-, two- and three-bedroom floorplans with an approximate average area of 929 square feet. The developers are planning to set aside 10 percent of the units to be designated as workforce housing, reserved for those making up to 80 percent of the area’s median income.
Located at 451 W Blount Ave., the community will be directly across from the University of Tennessee’s football stadium, Neyland Stadium. Residents will also benefit from nearby access to major employers including the U.S. Department of Energy Oak Ridge National Laboratory, Covenant Health, the University of Tennessee and others.
More than DST offerings
Capital Square has prior experience with Opportunity Zone projects, having broken ground on a 352-unit community in the Scott’s Addition neighborhood of Richmond, Va., in April. Capital Square also previously landed financing for its 80-unit INK community located within that same Opportunity Zone.
While Capital Square is known for being a sponsor of tax-advantaged real estate investments, including its recently-acquired build-for-rent community in Reno, Nev., it is also an active multifamily developer. Louis Rogers, founder & co-CEO of Capital Square, said in prepared remarks that the firm is developing eight communities in leading southeastern U.S. markets including Richmond, Va., Charleston, S.C., and Raleigh, N.C. Beyond the southeast, Capital Square recently began construction on Steamboat Basecamp, a 119-unit community in Steamboat Springs, Colo., that is slated for completion in the fall of 2023.
