$6 million Five Points commercial project underway
May 21, 2004 - Mayor Bill Haslam and Vice Mayor Mark Brown, along with elected officials, business and community leaders, broke ground today on the 6 million dollar Five Points commercial project.
"This public-private partnership will provide jobs, revitalize a blighted piece of property and offer quality services for neighborhood residents," said Mayor Haslam. "The successful redevelopment of this block will also serve as the stimulus for more investment, both in the business and residential sectors."
Vice Mayor Mark Brown said, "The redevelopment of the Five Points commercial district is a significant step in restoring this business district to a place that provides jobs and services to the community.
"The cooperation of many institutions and individuals were necessary for this project to become a reality. With this collective approach we believe that Five Points can be a thriving community once again," Brown said.
The project has received public funding from the federal Empowerment Zone program, city of Knoxville, Knox County, KUB, and a federal grant awarded to the Partnership for Neighborhood Improvement.
The developer, BDT Development & Management LLC and grocery store operator, Woods-Davis LLC are also making significant investments in the center.
Knox County Mayor Mike Ragsdale said, "As we continue toward the comprehensive development of downtown Knoxville, it is critical that surrounding communities like Five Points become vibrant and representative of our economic success."
BDT Development & Management is the developer for Five Points Village Plaza, which will include in 31,500 square feet of space for retail, commercial and professional use.
Metro Village Market, a 19,500 square-foot grocery store, will serve as the anchor. Partnering in the store operation are Jim Woods, president of the 14-store Smith and Woods Food Center, and John Davis, owner of Express Mart, which enjoys a significant customer base currently in Five Points.
"Having grown up in the Five Points neighborhood, I remember a time when thriving small businesses populated this area and contributed to its economic vitality," said LeRoy Thompson, president of BDT Development & Management.
"This project is a significant step to restoring this block and providing a business model for future progress in the Five Points area," Thompson said.