Oak Ridge land bank looking for developers
The Oak Ridge Land Bank is looking for new developers for a future downtown-style development on some vacant lots.
The property the Land Bank hopes to sell is 6.5 acres near Rutgers Avenue, Wilson Street and Main Street East.
Submissions are due May 3. Nearby buildings include JC Penney, Tinseltown and the American Museum of Science and Energy.
City officials have laid out the kind of development they want and what the area’s zoning allows and encourages.
“The intention is to create an intense, active, diverse, walkable and unique urban, mixed-use district,” Oak Ridge Planning and Development Director Wayne Blasius said.
The city has zoned the area to include retail, restaurants, and residential or office developments, encouraging multi-story buildings and walking routes. It’s aiming for an urban rather than suburban feel.
The Land Bank will evaluate developers based on how well they fit this model.
“Additionally, a community gathering plaza or greenspace is highly desirable,” the city stated in the Request for Qualifications document.
A grant contributed by donors offers $500,000 for this park area.
Previously, the Land Bank had chosen two developers for the property, But the purchase and sales agreements lapsed.
Blasius said they backed out due to interest-rate increases.
Despite this setback, however, he stressed the city’s continuing commitment to encouraging pedestrian-friendly urban-style development in the area, and its attractiveness to federal government employers, businesses and residents.
“Our federal employers have reported that the lack of a walkable, urban residential option has hurt their ability to attract some desirable job candidates,” Blasius said. “If someone is moving from a larger urban area, this type of development and living option is desirable.”
These people, he said, may choose cities other than Oak Ridge for that reason, hurting the federal employers’ recruitment efforts.
Submittals must comply with requirements of the D-1 zoning district and will be evaluated for public benefit based on considerations listed in the RFQ. All submittals are due no later than 3 p.m. on Friday, May 3.
For more information and to view the RFQ, visit OakRidgeTN.gov/downtown.
To contact the Planning and Development Department, call 865-425-3531 or email landbank@oakridgetn.gov.
