Two Loudon County developers are set to close
Thursday on the first of two properties that
Lenoir City Council annexed this week for the
construction of Creekwood Park, a $250 million
Creekwood Park LLC organizers Ed Loy and Tony
Hale are expected to complete the purchase of a
154-acre parcel from JLW LLC. Loy declined to
disclose the sale price of the property.
They retain an option until March 2007 on an
adjoining 55-acre lot owned by a Lenoir City
Lenoir City Council approved the annexation
by a 3-2 vote, with members Gene Hamby, Gene
Johnson and Alan Williams backing the annexation
and Eddie Simpson and Mickey McNabb opposing.
The 209 acres, on two separate parcels
between U.S. highways 321 and 70 just east of
Interstate 75, are considered a catalyst for
commercial and residential activity in rapidly
growing Loudon County.
"It's very much the Turkey Creek style, but
much smaller," Loy said of Creekwood Park.
Loy and Hale estimate their project could
generate annual sales tax revenue of more than
$1.3 million for Lenoir City.
Sales tax estimates were calculated by
Nashville engineering firm Lose & Associates
Inc. based on the types and sizes of businesses
planned for Creekwood.
In addition, city and county property taxes
from the development could exceed $2.3 million
annually, according to Loudon County Economic
Development Agency Director Pat Phillips. He
based the estimate on the $250 million combined
value for the developed land and buildings.
Hale said Creekwood Park has verbal
commitments from interested companies but would
not name them.
A site plan designed by The Edge Group of
Nashville includes two "big-box" anchor
businesses on the tract as well as strip retail,
office and restaurant space and hotels on
approximately 90 acres. The rest will be used
for multi-family condos or townhouses and
single-family homes. About 40 acres of the
complex are zoned residential.
A 17-acre lake converted from an abandoned
quarry and green space around Town Creek for
walking and picnic areas are also planned.
"We're very anxious to see this come about
because it will mean so much to our local
economy," Loy said, adding that he doesn't
believe the development will adversely affect
schools or residences.
Loy said other developers have for years
unsuccessfully tried to marry the separately
owned parcels into a single project. Creekwood
Park LLC has been trying to acquire the land for
In June, city council approved contracts with
the Tennessee Department of Transportation and
Creekwood Park LLC to extend Adesa Boulevard
through the property. This $5.2 million project
will be funded by $2 million from TDOT and $3.2
million from Creekwood and city tax revenue
generated from the development.
Loy and Hale want TDOT to begin road
construction in October - which would precede
commercial development - but city council first
must obtain right-of-way easements from affected
City attorney Shannon Littleton obtained
council permission to send a letter to
landowners who may have to provide easements for
the Adesa extension.
Simpson and McNabb said they voted against
the annexation because of zoning and
right-of-way concerns. Simpson said he also
voted against a plan of services for the
development, citing Lenoir City Utilities Board
questions about whether new-connection fees for
city sewer service and water-connection fees
need to be increased.
City Council approved the plan of services by
a 4-to-1 vote, with Simpson opposing.
Simpson questioned whether the city could
supply sewer service to such a large project. He
voted for the plan of services on first reading
"I just voted according to my conscience,"