Counties, Cities Join Forces to Launch Research and Development Park in Innovation Valley of East Tennessee
Four local governments join forces to attract research and development firms to the Innovation Valley of East Tennessee. A LEED certified high tech park, Pellissippi Place on the Oak Ridge corridor, will blend progress and preservation in a lush park setting.
Knoxville, TN (PRWEB) November 6, 2008 -- A collaborative research and development park is breaking ground in East Tennessee's Innovation Valley. Pellissippi Place, on the Oak Ridge Corridor, is being developed as a first of its kind partnership among four governments. The partnership includes Blount and Knox Counties and the cities of Alcoa and Maryville.
"The partnership is unique in bringing together stakeholders who understand the value of regional economic development," says Knox County Mayor Mike Ragsdale. "By creating such an attractive venue for research and development firms, we are greatly enhancing the benefit each of our communities will receive."
Blount County Mayor Jerry Cunningham adds, "The competition for research and development firms is intense across the country. It's imperative to present a unified front and market the expertise and quality of life this region has to offer."
Development is being coordinated by the Blount County Economic Development Board (EDB). "Pellissippi Place represents the most significant economic development investment in decades," says Economic Development Board Member, Joe Dawson. "With the global economy undergoing a transition, U.S. manufacturing jobs will continue to decline. If we want to ensure the future of our communities, we have to prepare for the increasing focus on technology."
Pellissippi Place is being developed on a 450-acre tract of land where Pellissippi Parkway (I-140) intersects with Old Knoxville Highway (S.R. 33). "With Department of Energy laboratories just a few minutes down the road, a ten-minute drive to the Knoxville regional airport and excellent interstate road infrastructure, Pellissippi Place is uniquely positioned for high tech companies," says Maryville Mayor Joe Swann. "As a region, this project illustrates that we are committed to research and development in our community."
A groundbreaking ceremony on Wednesday, November 5, 2008 launches the first construction phase of the project, which consists of realigning Clayton Road and building the main boulevard to open 100 acres for technology companies. Additional improvements by the Tennessee Department of Transportation will expand S.R. 33 from two lanes to four from Hunt Road to Sam Houston Road.
The entire park plan includes a festive retail corridor settled along a river walk. Mixed-use space will be available for residential and professional office linked by an expansive pedestrian walkway. "The idea is to create a community," says Alcoa Mayor Don Mull. "Traditionally, economic development separates industry from the rest of the community. While that's desirable in some industries, it's not necessarily true for R & D." Research indicates that high tech professionals want to be close to entertainment, restaurants and shopping.
The business and research component of Pellissippi Place is projected to open in 2010. Subsequent development phases have the capacity to handle up to 100 merchants, six restaurants and a 14 screen cinema among more than one million square feet of retail space. The project design includes professional office and space for a hotel. Residential plans call for construction of upscale loft condominiums. Design guidelines and building covenants will ensure the integrity of the entire campus. The development is LEED certified, which requires all developers and contractors to following sustainable green building guidelines recognized by the U.S. Green Building Council.
Master plans and design guidelines can be located online at http://www.pellissippiplace.com
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