Rezoning Approved Unanimously For 260 Acre Prosperity Crossing Project

KNOXVILLE, TENN. - Knox County Commission unanimously approved the rezoning of 118 acres in west Knox County for Prosperity Crossing, a mixed-use development by Maddox Companies to be anchored by a regional sports tournament and training destination.

“We thank the Knox County Commission and Mayor Jacobs for their support and partnership in the shared vision for this project. We are all working together to create an attraction that will drive tourism to our community, provide much needed facilities for local sports organizations, and be a great focal point for visitors as they enter Knox County.” said developer Steve Maddox.

The motion for approval was made by commissioner Terry Hill, whose district contains the project. During discussion of the rezoning, commissioner Randy Smith praised the follow-through of Maddox in continuing pursue the goal of a regional sports tournament and training facility. Smith stressed that tourist-generating developments are particularly advantageous for the county as they generate substantial tax dollars but have minimal impact on services required to be provided by the county. A study funded by Knox County found that such a facility could generate annually over $19 million in tourist spending, a direct increase in sales tax of $1.9 million, in addition to countless new jobs and other tax streams such as fuel tax and hotel/motel tax.

The project is situated prominently on the northeastern quadrant of the Watt Road interchange of I-40/75, the first interchange in Knox County and after confluence of the two interstates. Maddox acquired the property in 2008, then 100 acres, and immediately began developing a commercial park for hotel, office and retail uses. However, as the Great Recession hit, Maddox immediately halted site grading. In the years following, Maddox has been able to acquire additional acreage increasing the project size to 260 acres. The rezoning brought these acquired parcels into consistent zoning with the rest of the original project, as well as establishing a residential buffer zone along the rear of the project.

“We appreciate the support and vision of our Knox County leadership, and we look forward to working in partnership with state and local leaders to leverage this economic driver to contribute to improved infrastructure on this interchange and in the region.” said Maddox.

For more information about Prosperity Crossing, contact Maddox Companies at (865) 522-9910.