April 2017 (Alcoa, TN) — Monday, April 10th was a historic day in the city of Alcoa, TN as RESIGHT, the City of Alcoa and former land owner Arconic Inc. celebrated the long-awaited beginning of the renovation to the former Alcoa Inc., West Plant site. The groundbreaking was a monumental event, with remarks from City of Alcoa Mayor, Don Mull, RESIGHT Executive Vice President, Mikk Anderson, Arconic Inc. Director of Global Real Estate, Monica Trott and City of Alcoa Manager, Mark Johnson. Over 60 guests attended the ceremonial breaking of ground including instrumental partners: Private Capital Group (PCG), Tennessee Department of Transportation, Tennessee Department of Environment & Conservation, Lawler-Wood, Harrison/APAC and Blount Excavating.
The West Plant served as an aluminum fabrication mill from its opening in 1920 until its closure in 1989. The site consists of approximately 300 acres bounded by Mills Street, Pistol Creek, and Hall Road, lying directly across the Alcoa Highway from McGhee Tyson Airport. The groundbreaking marks the start of road construction, utility infrastructure installation and site grading in preparation for an urban development consisting commercial and residential uses.
Mayor Don Mull explained, “This project has been a long time in the making. We have dreamed of the day when the stars would align and the various parties, the economy and timing would all signal pulling the trigger on redeveloping this property. As with anything this complicated, it has taken a tremendous amount of hard work to get us to this stage. Everyone involved deserves a great deal of gratitude from all of us to get this effort accomplished. In particular, from our side of the house, City Manager Mark Johnson has done an incredible job leading the team to organize our piece of this work.”
RESIGHT has had a vision of the asset this site will be to the City of Alcoa and has been committed to its success for the long haul. Arconic Inc, Monica Trott said “A lot of developers want to get in, get out and get the return on their investments,” she said. “This shows we picked the right partner .”
The first phase of the redevelopment work will involve the construction of a landscaped boulevard, including utilities, running slightly over a mile connecting the existing Hunt Road interchange with the signalized intersection at Hall Road and Associates Boulevard. Once the road is significantly complete, property on both sides of the new boulevard will be available for development. Construction is expected to be substantially complete within eight to ten months.
RESIGHT Executive Vice President Mikk Anderson said, “I expect over the next several years, you all will hear a string of announcements as others come forward to invest in this site and in the city of Alcoa. More time will be needed to finish what we are starting today, but when we are done, I hope you recall this day you have witnessed as breaking ground to start the new chapter in the life of this historic site, the former West Plant.”
RESIGHT is a premier property acquisition and redevelopment company specializing in infill and surplus properties. RESIGHT acquires, remediates and repositions distressed and impaired real estate in primary markets throughout the United States. RESIGHT is unique in the ability to combine significant capital resources with in-house, regulatory and technical expertise, risk management, land planning and development expertise to rehabilitate unproductive real estate assets and underperforming balance sheets.
With more than three decades of experience in redeveloping environmentally impaired real estate, RESIGHT provides the resources needed to transform impaired assets into productive, sustainable holdings by overcoming the complex financial, risk and legal obstacles that typically derail real estate redevelopment projects.