A pair of M.L. King Boulevard developers are teaming up on a new four-story apartment and retail building on a site that's a gateway to the UTC campus.
Located at M.L. King and Douglas Street, the new structure will hold 31 apartments, said Chris Curtis of Riverside Development, which is joining with Adamson Development on the project.
Bobby Joe Adamson, president of that company, said the demand is there for the new construction.
"It's definitely attractive" for renters and retailers, he said. Adamson said he'd like to draw a restaurant, clothing store, barber shop or beauty supply retailer inside the planned building's commercial space.
The more than $2 million project will go up on a vacant lot nearly across M.L. King from Douglas Heights, the seven-story, $41 million building raised two years ago by Riverside as mostly student housing.
Curtis said plans are to start work soon on the new building with an opening envisioned for next summer.
"We've worked hard to have character in the building," he said about the structure that will have a brick and siding exterior.
Curtis said rents weren't finalized yet, but plans are to make them "affordable" as the developers target young professionals.
"We see so many businesses trying to locate on M.L. King right now," he said. "Everything in the existing buildings I have is already leased."
Demand is coming from business people who work downtown and want to walk, Curtis said, citing the nearby Innovation District. The 140-acre district in downtown's core was created in 2015 as a place where entrepreneurs, tech-based startups, and business incubators can mesh and create a so-called innovation ecosystem.
Adamson said he likes the city's recent narrowing of part of M.L. King from four to three lanes, slowing traffic and making it more appealing to bicyclists.
"The corridor will continue to develop," he said. Adamson said he has already put up new housing off M.L. King and there's a waiting list of people interested in moving in.
For many years, the city had tried to spur development on M.L. King. New life on the artery was slow to take place, though it appears as if there's momentum.
"We're looking at doing more together," Adamson said about working with Curtis and Riverside. "We think it's good for our community. My thinking is it's good to see African-Americans and Caucasians work together for a common cause."
Curtis said Adamson brings a long history of development.
"It's a unique partnership for the M.L. King corridor," he said. "It's been a really good fit together."
Curtis said the building will offer about 1,800 square feet of retail space on the high-profile corner. Parking will be available on a nearby surface lot for the building's tenants, he said.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318. Follow him on Twitter @MikePareTFP.