2860 Parkway - NAI Knoxville

Redevelopment Opportunity
Fee Simple –
9.584 Acres
2860 Parkway
Pigeon Forge, Tennessee
Sale Price: $6,900,000
NAI Knoxville and NAI Brannen Goddard are pleased to
present this unique offering comprised of 9.584 acres of fee
simple land and 120,000 square feet of Retail Space with
Parkway access in Pigeon Forge, TN. This is the next piece
of the puzzle in the dynamic redevelopment of Pigeon Forge.
Located in a highly desirable tourism market, this site
consists of two tracts, offered together totaling approximately
9.584 acres. The site was originally the Red Roof Mall and
currently holds 120,000 square feet of built out retail space.
However, we feel that a redevelopment of this site,
transforming it to its highest and best use is in order. A
variety of retail, entertainment, hospitality, timeshare, or
mixed-use concepts would allow this property to regain its
once coveted spot as a premier real estate holding in this
constrained and growing market. The developer looking to
leverage high quality real estate, 11 million visitors and all the
Parkway as to offer must take a closer look at this offering.
THE INFORMATION CONTAINED HEREIN, INCLUDING SQUARE FOOTAGE, HAS BEEN GIVEN TO US BY
THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE. WE HAVE NO REASON TO
DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED
PRIOR TO PURCHASE OR LEASE. NAI KNOXVILLE IS INDEPENDENTLY OWNED AND OPERATED.
LICENSED IN TENNESSEE.
Site Details
• 9.584 Acres Available Fee Simple
• 45,486 ADTC with Red Light
Access and Median Cut
• Pigeon Forge’s Gross Sales Total
should break $1 Billion in 2014
For more information:
Trey Miller, MRED
(865) 777- 3044
[email protected]
Fain Hicks, CCIM
(404) 812- 4094
[email protected]
10101 Sherrill Boulevard
Knoxville, TN 37932
+1 865 777 3030
naiknoxville.com
Redevelopment Opportunity
Area Information
Sevier County, Tennessee
79,000 Residents, 15 Million Visitors
Sevier County, Tennessee serves as "The Gateway" to the Smoky Mountains National
Park with a population of a mere 79,000 people, it enjoys 11 million overnight guests
and 4+ million Day-trippers a year, who spend about 3 days in the market, and
generated gross sales tax receipts of $90 million in 2013. Since the Park’s dedication in
1940, The Gateway has grown and evolved from inside the Park, out to Interstate 40,
spanning 25 miles, from Gatlinburg, to Pigeon Forge, to Sevierville. Pigeon Forge, the
second to develop, has been the most economically successful due to its proximity to
the Park and mountain context, yet with more land than the Park constrained
Gatlinburg. Pigeon Forge has enjoyed decades of stable and committed leadership,
who has proactively managed tourism, investing five times as much in marketing as the
other two towns. This historic and accelerating growth is made secure by the Federally
protected beauty of 3 million acres of forests, which at once attract tourists to The
Gateway, while inherently repelling potential competitive development in other regions
surrounding the Park and Federal Forests. This result serves well both the Park and
The Gateway.
Top Ten Markets of Origin
1
Atlanta, GA
2
Greeneville, SC
3
Nashville, TN
4
Tri-Cities, TN
5
Knoxville, TN
6
Chattanooga, TN
7
Lexington, KY
8
Cincinnati, OH
9
Charlotte, NC
10
Louisville, KY
Redevelopment Opportunity
Area Information
Pigeon Forge, Tennessee
Pigeon Forge, TN, with a permanent population of approximately 6,000 people, this
city welcomes 11 million visitors from around the country every year, making it one of
the most popular vacation destinations in America. Pigeon Forge is primarily a drive
destination, with the
majority of its visitors coming from within 500 miles of the city.
Tourism is the main industry and economic driver for the area, Gross Sales are
expected to top $1 Billion for the first time ever in 2014. There is Big Business in this
Small Town. The city’s Department of Tourism handles all tourism-related marketing
and advertising efforts, every dollar spent on advertising by the city generates $48 in
tourism spending.
• The new 282,000 SF Leconte Events Center is open
• The successful redevelopment of “The Island” is complete
• Hard Rock Café, Jimmy Buffett’s Margaritaville and Margaritaville Hotel to open in
2014
• The Cal Ripken Experience to open in 2015
• Dollywood Dreammore Resort to open in 2015
Month
Tax Collected at 1%
Gross Business
January
$313,189
$31,318,968
February
$383,322
$38,332,250
March
$620,241
$62,024,176
April
$655,954
$65,595,408
May
$667,650
$66,765,033
June
$973,396
$97,339,657
July
$1,123,886
$112,388,670
August
$827,525
$82,752,573
September
$690,742
$69,074,273
October
$851,863
$85,186,300
November
$697,389
$69,738,991
December
$721,845
$72,184,531
Total
$8,527,008
$852,700,830
Redevelopment Opportunity
Area Information
One Hundred Million Americans
All In a Day’s Drive Of Pigeon Forge, Tennessee
The Great Smoky Mountains National Park is located within a day’s drive
of one third of the American population.
Source: Gatlinburg Department of Tourism
City
mi
City
mi
City
mi
City
mi
Asheville, NC
78
Cleveland, OH
543
Little Rock, AK
557
Raleigh, NC
321
Atlanta, GA
186
Columbia, SC
223
Louisville, KY
227
Richmond, VA
424
Baltimore, MD
512
Columbus, OH
298
Macon, GA
265
Roanoke, VA
253
Birmingham, AL
276
Dayton, OH
337
Memphis, TN
423
Savannah, GA
377
Charleston, SC
331
Detroit, MI
559
Mobile, AL
530
Spartanburg, SC
136
Charleston, WV
301
Fort Wayne, IN
451
Montgomery, AL
349
St. Louis, MO
513
Charlotte, NC
225
Harrisburg, PA
528
Nashville, TN
208
St. Peters., FL
660
Chattanooga,
TN
133
Indianapolis, IN
395
New Orleans, LA
634
Tri-Cities, TN
100
Chicago, IL
574
Jacksonville, FL
507
Philadelphia, PA
609
Washington DC
474
Cincinnati, OH
282
Lexington, KY
208
Pittsburg, PA
475 Winston-Salem, NC
218
Sevier County and Tennessee Tourism
Sevier County Ranks
3rd in Tennessee
Tourism Spending
1. Davidson (Nashville):
3.2 billion
2. Shelby (Memphis):
2.45 billion
3. Sevier:
1.2 billion
4. Knox (neighboring
County/Knoxville):
0.6 billion
Sevier County Hosts
Tennessee’s
Top 4 Events
1. Smoky Mountains
Winterfest: 6,000,000
2. Smoky Mountain
Harvest Festival:
6,000,000
3. Dollywood Smoky
Mountain Christmas:
2,200,000
4. Springfest: 1,000,000
Sevier County Is Home
to 3 of Tennessee’s
Top 4 Attractions
1. Dollywood (Pigeon
Forge):
2,400,000
2. Ripley’s Aquarium
(Gatlinburg):
2,100,000
3. Ober Gatlinburg
(Gatlinburg):
865,623
Redevelopment Opportunity
Area Information
Sales Tax Increment Financing APPROVED
The Mountain Press
May 13, 2006
“The State Building Commission approved Pigeon Forge’s blueprint for a $182
million building program on Thursday.” By Joel Davis
The Building Commission approved the city’s request to fund the construction of a
civic events center, new parking facilities, road improvements and a needed
wastewater plan expansion through the Convention Center and Tourism Development
Financing Act of 1988.
“We’re very pleased,” City Manager Earlene Teaster said. “There has been a lot
of hard work going into it for about three years now. We had a lot of good staff
and consultants working on it. The board is very pleased. Hopefully, there is
going to be an opportunity to take Pigeon Forge a little further into the tourism
world and create more jobs and boost the economy.”
Tourism Development Zone
A year after the City of Pigeon Forge City Manager Earlene Teaster’s first public
endorsement of the Pigeon Falls Village project, on May 11,2006, the City of Pigeon
Forge won final approval for its Tourism Development Zone (or “TDZ”) from the State of
Tennessee.
The TDZ authorization enables the use of a powerful sales tax increment bonding
mechanism to provide funds for an Events Center and related improvements, such as
roads and parking.
Redevelopment Opportunity
Photos
Subject Property
Redevelopment Opportunity
Photos
Redevelopment Opportunity
Comp Map
Parkway in Sevierville
Smoky Mountain
Palace
Apple Barn
Miracle Theater
Pigeon River Inn
American Mountain Rentals
Wonder Works
Hatfield & McCoy Dinner Show
Titanic Museum Attraction
Smoky Mountain Theater
Magic Beyond Belief
Memories Theater
Mountain Valley Winery
Tennessee State Bank
Hotel Pigeon Forge
Hotel Pigeon Forge
Country Tonite Theater
Mountain Valley Chapel
Hollywood Wax Museum
Adidas
Aeropostale
Alfred Dunner
American Eagle Outfitters
Ann Taylor Factory Store
Banana Republic Factory Store
Brooks Brothers Factory Store
Champion
Chico's Outlet
Coach
Coldwater Creek Factory Store
Columbia Sportswear Company
Disney Store
Dressbarn
Eddie Bauer Outlet
G.H. Bass & Co.
Gap Outlet
Haggar
Izod
J.Crew Factory
Jockey
Jones New York
Kasper
Lane Bryant Outlet
L'eggs Hanes Bali Playtex
Levi's Outlet
LOFT Outlet
Lucky Brand Jeans
Michael Kors
Motherhood Maternity Outlet
Nautica
New Balance Factory Store
Nike Factory Store
Oakley Vault
Old Navy Outlet
PacSun New
Polo Ralph Lauren Factory Store
Reebok
Rue21
Timberland Factory Store
Tommy Hilfiger
Under Armour
Uniform Destination
Van Heusen
White House Black Market
Wilsons Leather
Zumiez
Parkway in North Pigeon Forge
Hollywood Wax Museum
Mountain Valley Chapel
Wood Grill Buffet
Music Road Inn
Music Road Hotel
River Bend Inn
Bullfish Grill
The Inn on the River
The Inn at
Christmas Place
Christmas Place
Tanger Outlet Center
City Hall
The Track
The Forge Cinemas
Belz Factory
Outlet World
Holiday Terrace Inn
Lumberjack Feud
Mel’s Classic Diner
Royal Inn
The Island Trading Post
Smoky Mountain Sun Shades
Miner’s Gems
The Fudgery
Timberwood Grill
Mellow Mushroom
Dude’s Daiquiris
Island Yogurt
Margaritaville
The Island at
Pigeon Forge
Geno’s Pizza
James Manor
Comedy Barn
Shular Inn
Valley Forge Inn
Lazerport Fun Center
Jurassic Jungle Boat Ride
Americana Inn
Three Bears
General Store
Park Tower Inn
Subject Property
Hotel Pigeon Forge
Pigeon Forge
Factory Outlet Mall
Parkway in Pigeon Forge
Subject Property
Willow Brook Lodge
Pigeon Forge
Factory Outlet Mall
Big Daddy’s Pizzeria
& Arcade
Book Warehouse
Tennessee State Bank
River Place Inn & Cabins
Lazy Bear Inn
River Lodge
Lost Treasure Golf
Extreme Racing Center
Of Pigeon Forge
Fantasy Golf
Pigeon Forge Middle School
Fun House
Speed Zone Fun Park
Pigeon Forge Police Dept.
Pigeon Forge Fire Dept.
Riverside Towers
Shirts Gifts & More
Valley View Motel
Vacation Lodge
Colonial House Motel
Tennessee Mountain Lodge
Whispering Pines
Sevier County Bank
Guesthouse Inn
Smoky Mountain Motor Lodge
Riverchase Motel
Conner Hill Motor Lodge
Captain Jim’s
Seafood Buffet
Norma Dan Motel
Green Valley Motel
Smoky Mountain
Pancake House
Mountain Comfort Lodge
Rodeway Inn
Revised 3/3/2014
Hotel Pigeon Forge
Redevelopment Opportunity
Survey 1
Redevelopment Opportunity
Survey 2
Redevelopment Opportunity
Mall Map
Redevelopment Opportunity
Rent Roll
Redevelopment Opportunity
Zoning
Redevelopment Opportunity
Zoning (cont.)
Redevelopment Opportunity
Demographics
Redevelopment Opportunity
Demographics
Redevelopment Opportunity
Demographics
Redevelopment Opportunity
Demographics