Vital at Springbrook welcomes first residents of transformed ALCOA West Plant site
Alcoa’s city center development, Springbrook Farm, is welcoming the first round of new residents on what was once the ground of ALCOA’s West Plant.
Vital at Springbrook opened their doors to an initial 16 move-ins on Thursday. StoneRiver Company, LLC is the property management group working with Bluedog Capital Partners, LLC for the investment.
Once construction is complete, Alcoa will have 300 new residences housing anyone from college students to retirees to families with children. Vital has two buildings, each with 150 units. The first building should be fully completed by the end of September. The second building is projected for completion in late fall or early winter.
The complex officially broke ground in March 2022 and city officials have often noted the rapid rate of progress and how the property seemed to change each time they passed. From the northbound side of Alcoa Highway, regular passersby have watched the two apartment buildings rise to meet the backdrop of the Smoky Mountains.
Regional property manager Tori Baxley said on Wednesday the complex had 84 units, nearly one third of the total, leased. The complex has 12 different floorplans available ranging from studios, one-bedroom and two-bedroom apartments. Baxley said the two-bedroom units are proving especially popular with only a few still available in the first building. Prices range from $1,350 for studios to $2,100 for the top-end two-bedroom style.
Vital started pre-leasing in January. With four floors in each building, the apartments are finished in sections to allow new residents to move into a section at a time.
In the original agreement between Alcoa and developers, the apartment complex was required to have a commercial business component, such as a coffee shop or juice bar, before the city could issue final permits for occupancy.
StoneRiver President Joseph Welden inquired in March about adjusting the commercial business requirement until the market is feasible. Soon after, Alcoa Planning Commission initiated the request by giving developers additional time to bring in a commercial component, contingent on approval from Alcoa Board of Commissioners. Agreements are legally binding and require review from each party’s attorney. Welden signed off on the updated agreement at the end of July.
During the monthly board meeting on Aug. 8, commissioners gave the go-ahead for Mayor Tanya Martin to execute the agreement. It will give developers several more years to draw a business into their complex.
The primary roadway through Springbrook Farm is Centennial Park Boulevard. It is still under construction. The board is giving developers 2 years in addition to the time it takes to build the boulevard to pull in a business.
City Manager Mark Johnson said developers are waiting until the complex is fully occupied to determine what business will fit the residents’ demographic. Vital has advertised apartments in various places, including the University of Tennessee and Blount Chamber of Commerce.
