Knoxville’s Community Development Corporation’s (KCDC) Five Points redevelopment has earned a 2019 Tennessee’s Best award in the neighborhood stabilization category.
Presented in March by the Tennessee Housing Development Agency (THDA) at the Tennessee Housing Conference in Nashville, the Tennessee’s Best awards honor excellence in the development or management of affordable housing that reflects the highest standards in quality and sustainability. The neighborhood stabilization category recognizes developments achieving this goal through THDA programs or the orchestrated use of THDA programs with other housing organizations.
“At Five Points, we have leveraged strong partnerships with local, state and federal organizations in order to create a safe, connected community with improved access to education, health, employment, transportation and open space – the same quality of life amenities that each of us wants for our neighborhood,” KCDC Executive Director and CEO Ben Bentley said.
The $80 million redevelopment of Five Points in East Knoxville includes the construction of 336 modern, energy-efficient housing units through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program, utilizing Low-Income Housing Tax Credits (LIHTC) and Community Investment Tax Credits (CITC) through THDA.
Additionally, the City of Knoxville has invested more than $13 million in the Five Points site for extensive utilities replacement; new and widened streets; additional lighting; and sidewalk construction to improve walkability and connectivity of housing to the community.
Five Points redevelopment is based on a master plan released in 2014, which followed years of community input as a guide to replace the outdated Walter P. Taylor Homes and Dr. Lee L. Williams Senior Complex developments with modern housing units. The four-phase plan was designed to build on previous redevelopment in the area, including the adaptive reuse of Eastport School and The Residences at Eastport senior housing.
Phase 1, The Residences at Five Points, opened in 2017 on Bethel Avenue and includes 90 units for elderly and disabled residents. Phase 2 opened in 2018 on the east side of McConnell Street along Martin Luther King Jr. Avenue and is a 10-building, 84-unit development for families. Phase 3 opened in 2019 at the west corner of Martin Luther King Jr. Avenue and McConnell Street and is a 28-building, 80-unit complex for families.
Construction is underway for a 2020 opening for Five Points 4, a 31-building, 82-unit complex for families at the intersection of Kenner Avenue and McConnell Street. The completion of Five Points 4 will mark the realization of the Five Points Master Plan.
The investment at Five Points has elevated the quality of the built environment as well as the overall aesthetic of the site, creating a space that fosters a sense of pride among residents and the broader community.
“The transformation at Five Points is a result of collaboration,” Bentley said. “We appreciate the support of THDA, the City of Knoxville, HUD and other stakeholders and community partners who share our commitment to creating revitalized affordable housing communities where families can thrive.”