A new shopping center will soon start construction near the former American Museum of Science and Energy site.
Signs from R&R Properties, a commercial real estate company, give details on the future site, which is currently a large field. Daniel Smith, the site's developer with Main Street Capital Partners LLC, gave other details recently while speaking to the Oak Ridge Industrial Development Board.
The image on the sign shows a main building that will host a medical clinic, which Smith mentioned, but also space available for other tenants.
Smith described the plans as being for a "modern looking, first-class retail building."
During the meeting he also described a free standing Petro's Chili and Chips building.
Apartments, tax deal
In addition to the new commercial development, Main Street Capital Partners LLC is also planning to expand its Main Street Lofts apartment complex with new buildings.
"We're excited about bringing new bodies into Oak Ridge," Smith said.
He said the ground breaking for these apartments will be in July.
David Wilson, chairman of the Oak Ridge Industrial Development Board, said Main Street Lofts plans to add two new buildings. Both buildings will be four stories unlike Main Street Lofts' existing three-story buildings. Oak Ridge City Manager Mark Watson explained that these buildings will have elevators due to their size, unlike the existing three-story buildings that have no elevators. This, Watson said, is due to codes requiring elevators for four-story buildings.
The Industrial Development Board approved a payment in lieu of taxes agreement with the developer at its April 4 meeting. Oak Ridge City Council had already authorized the board to enter into the agreement.
Documents released by Samantha Royster, executive assistant to the Industrial Development Board, state the developer will pay $65,100 during years one through 15 starting with the construction period and $80,000 during the next five years rather than the full property tax amount.
Smith told The Oak Ridger this agreement is for the new apartments, not the commercial building, of which he is more confident will be a commercial success in the short term.
"We don't expect to have a problem leasing up the retail," he said.
Ben Pounds is a staff reporter for The Oak Ridger. Call him at (865) 441-2317, email him at bpounds@oakridger.com and follow him on Twitter @Bpoundsjournal.
This article originally appeared on Oakridger: New apartments, clinic and commercial development planned