Historic Farragut Hotel moves forward with tax deal | News
(WBIR-KNOXVILLE) A historic hotel in downtown Knoxville is one step closer to reopening.
The city's Industrial Development Board approved a payment in lieu of taxes deal on Monday. The incentive package is worth $7.7 million dollars. The developer says that's the largest in city history.
The package will freeze property taxes at the buildings current value, before the renovations.
The developer says he hopes to announce the brand of the hotel in the next 30 days, and he wants to be ready to reopen by Spring of 2017, in time for the 100 year anniversary of the Farragut Hotel.
The hotel was built in 1917, but has stood mostly empty for years, except for The French Market on the ground floor.
Developer Rick Dover bought the hotel in September 2014. He plans to preserve the historic features of the old building like the pink marble floors, but add modern, high-end finishes.