Capital Square, a US real estate company, has announced the topping out of Livano Knoxville, a 348-unit, domestic Class A multifamily community development.
This milestone signifies the completion of the building's structural framework, transitioning the project to the interior finishing and landscaping phases.
Located in a qualified opportunity zone in Knoxville, Tennessee, the project began in June 2023, with first move-ins expected in early 2025.
Developed in partnership with LIV Development, Livano Knoxville is situated at 451 W Blount Avenue, south of the Tennessee River and near the University of Tennessee's Neyland Stadium.
The development will offer studio, one-, two-, and three-bedroom apartments, averaging approximately 930ft².
It will include 35 workforce housing units for residents earning up to 80% of the area's median family income.
Capital Square stated that residents will have access to major employers such as the US Department of Energy Oak Ridge National Laboratory, University Health System, and DENSO Corporation.
The project team includes Niles Bolton Associates as the building architect, Design South Interiors as the interior designer, and Southern Building Group as the general contractor.
Capital Square founder and co-CEO Louis Rogers said: “Livano Knoxville is Capital Square's eighth opportunity zone fund. By investing in the fund, investors are able to defer and exclude their capital gains from the sale of any asset.
“By creating jobs and tax revenue, Livano Knoxville is satisfying the legislative intent of the opportunity zone legislation in addition to providing much-needed housing.”
The development of Livano Knoxville is partially funded by Capital Square's eighth qualified opportunity zone fund, CSRA Opportunity Zone Fund VIII.
The construction process has created 634 new jobs and generated $2.9m in annual state and local tax revenue, Capital Square said, adding that it is projected to deliver $1.1m annually in state and local tax revenue through building operations, post-construction.
