“I think things are going well,” said Paul Folger, developer for Weatherwood Capital in Atlanta. “We’ve got a good general contractor. He’s got a good team on this.”
Starting the project last winter, Folger said his crew dealt with some inclement weather, but “nothing we didn’t anticipate.
“We feel great about it,” he added. “We have RAM [Partners, LLC], property management, which is going to do our management and leasing for us. I’ve worked with them over the last 20 years.
“We’re doing the site work right now. We’re putting the roads in, we’re putting the infrastructure in, the water lines, the utility lines, retaining ponds.
“There’s about four months of that before we can actually start pouring concrete,” Folger said. “We actually expect to start pouring concrete (in April).”
The development will consist of 10 buildings. He expects the first building, which will have about 30 units, to be completed between October and December 2018.
“And, we’ll start delivering one building a month after that,” Folger said.
The development will have 267 units on 16 acres of the 30-acre property.
“The remaining 16 acres will be left natural to perpetuity,” he said.
The project has been a long time in the making. It first went before Farragut Municipal Planning Commission in 2016.
“It’s been a long process to get the zoning completed,” Folger said. “I bought the property two years ago. It was partially zoned but we didn’t have approval from the Planning Commission to build what is going there now, so it took us a couple years of working with the Town of Farragut to get to where we could have a buildable product that would meet the [regulations] and [be] the type of product we wanted to build in that area.
“[Farragut] is one of the higher-income levels in the Greater Knoxville area, so we wanted to build something that is commensurate,” he said. “There hasn’t been a rental product built in the Town in over 20 years.
“With the change in demographics in the area, we wanted to provide something for people who were retiring who want to live in Farragut and want to sell their homes and want something smaller,” Folger added
Another reason for building the apartments in Farragut is to ptovide something for younger families moving in because of the school system, he said.
Folger defines the apartments as a “luxury resort” because of the amenities, both in the units and on the property.
For instance, he said, “We’ve got a clubhouse that’s going to be not your typical apartment clubhouse.”
It will have a resort-type pool, large gymnasium, a demonstration kitchen, cabanas, outdoor kitchen, Internet café and dog spa.
“So many people have pets now, and they really don’t have a place to care for them,” Folger said.
The development also will have fire pits, a car wash and a collaborative community area at the pool, he added.
Amenities in the units include kitchens with quartz countertops, tile backsplashes and stainless steel appliances.
“They’re going to be really nice,” Folger said. “Frankly, if I put something in there that didn’t have all that, I’m not sure it would do as well in the Town of Farragut.
“Farragut is a town people aspire to live in.
“Apartments have changed so much,” he said. “It used to be people went from renting a home or an apartment to [buying] their home, but there’s a lot of renters by choice in this country now.
“People live in [apartments] longer,” Folger added.