Interstate 40 at Exit 407 Sevierville, Tennessee Type Open Air Center with entertainment and mixed use components (retail, hotel & restaurant) Location Interstate 40 and Exit 407 (Snyder Road) Owner, LLC Size Approximately 765,000 sf Opening Date To be determined Anchor, Shop Space, Restaurant & Outparcels Available
Executive Summary One of the primary economic growth indicators is population change. Between 2000 and 2008 it is estimated that this market has expanded by over 23% in a 10 minute drive time, over 18% in a 20 minute drive time and over 15% in a 30 minute drive time. This area has been referred to as the Second Florida for retirees with less weather risk, and a much lower cost of living index. Retirees are flocking to the mountains for it s natural beauty and temperate climate and families are thriving due to the low cost of living. Because of these factors, Sevier County is the fastest growing county in the state of Tennessee. The fact is, the area proximal to this shopping center has been the focus of growth for this region. Average Household incomes are right at $50,000.00 or greater and this growth is shared among nearly every Racial category established by Census. The median age is around 39 years old and there is a fairly homogenous birth rate by Census. Housing tends to be concentrated between $100,000.00 and $300,000.00 in value, with the number of new units in this area almost doubling since the last Census period. The other, more substantial, economic growth indicator for this region centers around the tourism market. This site at Exit 407 has 50,000,000 cars pass by it on I-40 annually. The trimarket of Gatlinburg, Pigeon Forge and Sevierville attracted over 13,000,000 visitors last year, with the Great Smoky Mountain National Park being visited by almost 10,000,000 people. Over 60% of the U.S. population lives within a days drive of the region, and when they come to visit, at EXIT 407 is where they get off the Interstate! A great example of the potential of this site is right across the street Bass Pro Shops opened just across Highway 66 from, and quickly became their top performing store IN THE WORLD! In 2008 the Bass Pro Shop at Exit 407 generated over $11,000,000 in sales tax for the city of Sevierville. Traffic on the Winfield Dunn Expressway also known as State Route 66 has averaged 6% annual growth since 1985. With some years being as high as 22%. Retail sales for the region totaled slightly over $15.5 billion with over $11.7 billion generated from the local market. Large retail gaps seem to include electronics, appliances, televisions, computers, outdoor power equipment specialty foods, alcohol, luggage, sporting goods, news and warehouse/ discount stores. The financial indicators are all overwhelmingly in favor of the success of this shopping center and the planned tenant mix.
Property Overview Tennessee Smokies Ballpark With Hampton Inn and Subject Property in Background at Sunset Property Name: Property Address: I-40 & Snyder Road,. County: Sevier County Retail Space: Over 765,000 sf available space Outparcels: Various Property Type: Restaurant, Retail, Entertainment, Hotel Development Details: is situated on a prime 400 acre tract of land off of Interstate 40 at Exit 407. There is a Hampton Inn Hotel on site already, and the acreage adjoins and wraps around the baseball ballpark of the Tennessee Smokies the AA minor league baseball team of the Chicago Cubs. The Exit 407 interchange handles over 11,000,000 cars per year, with passing traffic counts of over 50,000,000 cars per year. The number one, two and three rules in real estate are... LOCATION LOCATION LOCATION Situated across the street from the highest volume Bass Pro Shop in the world, and at the nexus of the outlet shopping center mecca of the southeast it is in the perfect location for retailers, the perfect location for tourists, and the perfect location for a local market with a MSA population of over 500,000 people. The subject property has an appraised value of $70,000,000.00 Debt on the property is as follows: $3.5MM to Tennessee State Bank & $8MM to Citizen National Bank
Property Overview Bass Pro Shop Across Street From Property Property Name: Property Address: I-40 & Snyder Road,. County: Sevier County Retail Space: Over 765,000 sf Outparcels: Various Property Type: Restaurant, Retail, Entertainment, Hotel Area Facts: Sevier County is located within a day's drive of two thirds (66%) of the nation's population. Seventy-five percent (75%) of the U.S. population lives within 500 miles (a day's drive) of Tennessee's borders. Its geographic location guarantees that a high proportion of auto traffic from the south, east, north, and central regions of the country will traverse the state. The Smoky Mountain tourist market has three contiguous cities - Sevierville, Pigeon Forge, and Gatlinburg: Gatlinburg was the first to develop tourism due to its location at the foot of the Great Smoky Mountains (a Mecca for hikers, campers, hunters, and fishermen). Pigeon Forge developed a tourism base for shopping and family entertainment. Sevierville, the county seat, is closest to the Interstate Highway. It lies in the path to the other two cities and is the most accessible. Sevierville is 12 miles northeast of Knoxville's border, 19 miles from Knoxville's Downtown, adjacent to Pigeon Forge, and 10 miles from Gatlinburg. The Great Smoky Mountain National Park alone draws 10 million visitors a year, but sportsmen are attracted to the area for many other reasons than the Park. The TVA lake system within 150 miles includes 25 lakes: Appalachia, Blue Ridge, Boone, Chatuge, Cherokee, Chickamauga, Douglas, Fontana, Fort Loudon, Fort Patrick Henry, Great Falls, Hiwassee, Melton Hill, Nickajack, Nolichucky, Norris, Nottely, Ocoee 1, Ocoee 2, Ocoee 3, South Holston, Tellico, Watauga, Watts Bar, Wilbur. In Sevier County alone there are 40 listed campgrounds. There are 9 National Parks within 150 miles. There are 90 State Parks within 150 miles.
Regional Tourism Overview The Great Smoky Mountains National Park has the highest traffic count of any park in the country. Almost 10 million people per year visit the park. In contrast, The Grand Canyon had 4.4 million visitors last year - less than HALF than the number that visited the Smokies. This is due to the centrality of the park to the primary population base of the continental US. Over 60% of the US population lies less than one day s drive from the park Primary access to the park is from Interstate 40 at Exit 407 and Winfield Dunn Expressway (highway 66), which borders the property the development and travels through Sevierville, Pigeon Forge and Gatlinburg. The traffic count at the exit (407 off of I-40) is 50,000,000 cars annually that travel past the site for. It is estimated that more than 11,000,000 people annually utilize Exit 407 off of I-40. Estimated tourist dollars spent in the region annually are in the billions Sevier County annually measures among the top counties of the state in sales tax dollars collected
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