Keith Vaughn has big plans for Knoxville’s residential development.
Vaughn co-owns the Knoxville Mercantile, the newly constructed Pioneer Plaza and a couple other spots he plans to turn into businesses.
During last night’s City Council meeting, the businessman unveiled his proposal to develop 25-40 residential homes on a 20-acre plot of land between Division and Market streets.
Vaughn says he has a signed legal agreement to purchase the land, which could in turn be sold to developers at $20,000 to $30,000 per plot. From there, a contractor could build a house for about $130,000 to then be put on the market for between $160,000 and $200,000.
Vaughn tells WGIL the residential developments would not only benefit him, but also the city.
“The more people I can bring to town and the more houses I can put up, that means more people are likely going to visit my store,” he says. “And so, it generates revenue. It generates property tax and, if you look at the big picture, they’re less likely to increase everybody’s property taxes if there’s more property tax available.”
He adds that the properties could generate about $125,000 in taxes for Knoxville.
In a list provided to the council, Vaughn said he is interested in knowing what TIF funds would be available and if the city could help with streets leading to the properties as well as other concerns.
The next step for Vaughn is presenting his proposal to the Planning Commission next month. Vaughn says he hopes to have a good idea of what he can do by the end of April.
