RiverWalk Park Development Site

Top Tourist Area in Tennessee
RiverWalk Park Development Site
SOLD Tract 1 Trolley Hub Trolley Hub & City Parking & City Parking 3,000 spaces 3,000 spaces TENNESSEE
Pigeon Forge
Belle Island Belle Island LeConte Center Center SOLD Tract 2 e
d Ext
as Blv
m
o
h
Jake T
nsion
AVAILABLE Tract 3 2.0‐24.42 Acres NAI Knoxville is pleased to offer this opportunity to purchase the infill development site. Located in a highly
desirable tourism market and part of the new dynamic Pigeon Forge City Events Center and the newly proposed
Cal Ripken Experience submarket, this submarket is in need of a convention hotel and this is the site for it.
This site consists of one tract, which can be purchased together or subdivided totaling approximately 24.42
acres. The site was originally master planned as a mixed use village center that would contain retail, entertainment, hospitality, timeshare and overnight rentals. The site is suitable for all of those uses and is now available to
the stand alone hotel, restaurant, timeshare or retail developer that is interested in leveraging all this thriving tourism market has to offer with the public and private funds that are currently being invested in adjacent properties
and related infrastructure. The site is adjacent to the new 232,599 square foot event center that is currently under
construction and is scheduled for completion in 2013. Known as the LeConte Center, the complex will connect to
a 3,000 car parking lot and trolley depot, as well as the mile long lighted and landscaped RiverWalk along the
Little Pigeon River. In addition to the Events Center directly across the street, The Jake Thomas Boulevard
extension is due to start expansion in early 2012. The road extension will connect Dollywood directly to the
Pigeon Forge Parkway. This extension and the eventual connection of these two highly traveled tourism arterials
will ensure that this is the most convenient and highly sought out undeveloped property in this market. Last but
not least, the newly proposed Cal Ripken Experience is set to expand, on the adjacent site. Cal Ripken’s
preliminary plans show nine fields, on site, and project 70,000 player visits a year.
Contact information
Trey Miller, MRED
865 777 3044 direct
[email protected]
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
Brian Tapp, CCIM
865 777 3039 direct
[email protected]
NAI Knoxville
10101 Sherrill Boulevard
Knoxville, TN 37932
865 777 3030 main
865 777 3049 fax
www.naiknoxville.com
Top Tourist Area in Tennessee
SOLD Tract 1 Belle Island Belle Island TENNESSEE
Pigeon Forge
RiverWalk Park Development Site
Trolley Hub Trolley Hub & City Parking & City Parking 3,000 spaces 3,000 spaces SOLD Tract 2 Exte
Blvd
omas
h
T
e
Jak
LeConte Center Center nsion
AVAILABLE Tract 3 2.0‐24.42 Acres Pricing
Guide
Offering
Zoning2
Site Area
Price/Acre
Price1
Tract 1
C-4
14.75
200,000
SOLD Tract 2
C-4
98.40
200,000
SOLD Tract 3
C-2
24.42
600,000
$14,652,000
1
Pricing reflect bulk sale on tract basis. There is a 2 acre minimum outlot.
Please call for pricing of outlots or subdivision.
2
Zoning: C-2 Tourist Commercial
Contact information
Trey Miller, MRED
865 777 3044 direct
[email protected]
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
Brian Tapp, CCIM
865 777 3039 direct
[email protected]
NAI Knoxville
10101 Sherrill Boulevard
Knoxville, TN 37932
865 777 3030 main
865 777 3049 fax
www.naiknoxville.com
RiverWalk Park Development Site
Sample Site Plan 24 Acre Site
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
Teaster Lane Teaster Lane The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
865 777 3030
PRESS RELEASE
SOLD 114 Acres of RiverWalk Park
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
Only 1 Tract Left 114 Acres Commercial Land Sold
2.0-24.42 Acres to Barker Industries
Available Teaster Lane Corridor Continues to Drive Tourism Development in Sevier County
Pigeon Forge, Tennessee – April 2, 2012
Contact:
NAI Knoxville
Brian Tapp, CCIM
(865) 777-3039
[email protected]
NAI Knoxville
Trey Miller, MRED
(865) 777-3044
[email protected]
Riverwalk Park, LLC
Alan Wilson
(407) 691-5602
[email protected]
Project:
Pigeon Falls Land Sold to Barker Industries, Inc.
Type of project: Sale of Limited Liability Company
Description:
Limited Liability Company that owns
113.65 acres of commercial land
Amount of sale: Not disclosed
Buyer:
Barker Industries, Inc.
Seller:
Riverwalk Park, LLC
Listing Broker: NAI Knoxville
Selling Broker: None
Press
Release
Pigeon Forge, TN, April 2, 2012 — Barker Industries, Inc. of Pikeville, KY
purchased Pigeon Falls, LLC, which owns 113.65 acres of land on Teaster
Lane in Pigeon Forge, TN, for restaurant, retail and attractions. The majority
of the project would be anchored by the Cal Ripken Experience which hosts
youth baseball tournaments and camps.
NAI Knoxville is the exclusive representative of Riverwalk Park, LLC, which
owns an additional 24 acres located at the corner of Jake Thomas Road
and Teaster Lane. The site is across the street from Barker Industries and is
adjacent to a new 232,599 square foot event center to be completed by the
City of Pigeon Forge in 2013. The events facility includes 112,000 square
foot exhibit hall and supporting amenities. Known as the LeConte Center,
the complex will connect to a 3,000 car parking lot and trolley depot, as well
as the mile long Riverwalk along the Little Pigeon River. NAI Knoxville also
represented Regions Bank in the sale of the retail portion of Belle Island
Village in 2011.
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
865 777 3030
TOP TOURIST AREA IN TENNESSEE
RiverWalk Park Development Site
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
TDZ: RiverWalk Park is the direct beneficiary of
$103.8 Million of $106.5 Million of the City of Pigeon Forge’s
Public Investment Public Investment
in RiverWalk Park Pigeon Forge Events Center
232,599 sq. ft.
$54,000,000
Property for Public Parking
Surface Parking
Central Trolley Station
Jake Thomas Rd Connector
35 Acres
$17,500,000
3,000 spaces
$3,300,000
3,000 sq. ft.
$1,000,000
2 miles
$28,000,000
Total:
$103,800,000
RiverWalk Park: 114 Acres Sold Paving
the Way
Cap Ripken Experience SUBJECT The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
865 777 3030
TOP TOURIST AREA IN TENNESSEE
RiverWalk Park Development Site
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
Sales Tax The Mountain Press
May 13, 2006
Increment
“The State Building Commission approved Pigeon Forge’s
blueprint for a $182 million building program on Thursday.”
Financing
By Joel Davis
APPROVED The Building Commission approved the city’s request to fund the construction of a
in support of civic events center, new parking facilities, road improvements and a needed wastewater
plan expansion through the Convention Center and Tourism Development Financing
RiverWalk Park 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
people 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.
Of the total $180 million bonding program, $106.5 million is being
invested in improvements that directly benefit the RiverWalk Park Development.
Central to the TDZ bonding enabling legislation is the development of a 232,599 sq. ft.
Events Center, which by binding agreement, will be located on a 9.86 acre tract of
land in the heart of RiverWalk Park.
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
865 777 3030
TOP TOURIST AREA IN TENNESSEE
RiverWalk Park Development Site
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
Pigeon Forge is 79,000 Residents, 15 Million Visitors
the Heart of Sevier County, Tennessee, with a population of a mere 79,000 people, enjoys 11 million
guests and 4+ million Day-trippers a year, who spend about 3 days in the
The Gateway overnight
market, and generated gross sales tax receipts of $70 million in 2009.
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.
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
This historic and accelerating growth is made secure
10 Louisville, KY
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.
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
865 777 3030
TOP TOURIST AREA IN TENNESSEE
RiverWalk Park Development Site
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
The Gateway is Pigeon Forge is an All Year Destination!
Played Year Mean monthly sales are going up, while the Standard Deviation is going down. That is,
Round the market is growing, and seasonality is declining.
Mktg &
Promotion
Month
Tax Collected at 1%
Gross Business
January
$317,975
$31,543,676
February
$375,210
$37,114,450
March
$594,355
$59,286,806
April
$632,203
$63,116,325
May
$663,391
$66,828,389
June
$968,399
$96,998,245
July
$1,157,928
$114,915,173
August
$852,493
$85,114,582
September
$668,384
$69,056,114
October
$789,012
$79,189,444
November
$695,173
$68,343,998
December
$645,864
$64,563,731
Total
$8,360,387
$836,467,928
The Great Smoky Mountains
Gateway Public Sector spends a combined
annual budget of
$13.6 million in Marketing and Promotion.
Pigeon Forge—the dominant economic force in the
region and the home to RiverWalk Park—funds nearly
three quarters of this figure.
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
865 777 3030
TOP TOURIST AREA IN TENNESSEE
RiverWalk Park Development Site
Teaster Lane at Jake Thomas Blvd, Pigeon Forge, Tennessee
One Hundred The Great Smoky Mountains National Park is
Million Americans located within a day’s drive of one third of the
All In a Day’s Drive American population.
Of Pigeon Forge,
Tennessee
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
Sevier County Hosts
Tennessee’s
Top 4 Events
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
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
The information contained herein has been given to us by the owner of the property or derived from sources which we
deem reliable. NAI Knoxville has no reason to doubt its accuracy, but we do not guarantee it. All pertinent facts should be
independently verified prior to acquisition. NAI Knoxville Is Independently Owned and Operated. Licensed in Tennessee.
Sevier County Is Home
to 3 of Tennessee’s
Top 4 Attractions
1. Dollywood (Pigeon
Forge):
2,400,000
2. Ripley’s Aquarium
(Gatlinburg):
1,600,000
3. Ober Gatlinburg
(Gatlinburg):
865,623
865 777 3030