Photo of Villas at Town Acres in Johnson City which are comparable in design to the Villas at River Bend
On August 27, 2015, the partners of River Bend Villa Apartments, LLC announced a plan to build the Villas at River Bend, a 265-unit apartment community located behind Walmart on Fort Henry Drive. This is the largest multifamily project to date developed by Mitch Cox Companies.
Two real estate developers, Mitch Cox Companies and Universal Development and Construction (UDC), are partnering to develop 16 acres of overgrown riverside land into a premium apartment community with a community pool, fitness center, and laundry facilities.
The partners have been developing multifamily communities for over 15 years in the Tri-Cities, with more than 1,200 units either constructed or under construction currently. Boone Ridge Townhomes, Villas at Town Acres, Pickens Bridge Village, and Villas at Lavinder Lane are four out of the ten residential projects built by Mitch Cox Construction, Inc. and UDC.
The Kingsport Board of Mayor and Aldermen unanimously approved on Tuesday, October 8, 2015 and the Sullivan County Commission decided on Monday, September 21, 2015 to grant Tax Incentive Financing to the Villas at River Bend project.
“I think this is a project that will help us later on in the future, help us keep the taxes down, and bring money into our local economy,” Sullivan County Commissioner John Crawford said in a press release. “I think it’s a good thing.”
The Villas at River Bend development will benefit the community in several ways, according to Tracy Fleenor, CFO at Mitch Cox Companies. “We found that there has been limited multifamily housing built in the Kingsport area over the last twenty years,” Fleenor said. “As we have seen with our other developments, a large apartment community serves as a catalyst for new development, new jobs, and an increase in surrounding property values.”
The Villas at River Bend in Kingsport will have one, two, and three bedroom apartments available for lease. Each unit will feature new stainless steel appliances, large closets, washer/dryer connections, hardwood style flooring, and some units will have garages.
Shane Abraham, development partner and president of UDC, said, “This unique property gives us the opportunity to develop a community with great natural amenities in a city park with a kayak launch ramp and thousands of feet of river frontage and river views.”
The City of Kingsport is developing a city park along the Holston’s riverbank, adjacent to the Villas at River Bend community.
The first units are expected to be available to rent in roughly 180 days from breaking ground. Barring any unforeseen circumstances, the 265-unit-project is expected to be completed in about 24-30 months.
Mitch Cox, founder and CEO of Mitch Cox Companies, said, “We are excited about the opportunity to build apartments in the Kingsport market, take a vacant piece of land in a great location, and transform it into a new, upscale multifamily community to serve the growing renter base in the city of Kingsport.”
For more information about the Villas at River Bend in Kingsport, follow the UDC Facebook Page for construction updates and photos.