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Tuesday, March 03, 2009

The Press Building - Mountain Region Family Medicine announces $18.5 million project in Downtown Kingsport

Click photo to enlarge (view of The Press Building Phase III (Press St elevation) and Phases I & II (Sullivan/Clinchfield intersection)

Owner: Mountain Region Family Medicine

Design/Construction: Hiram Rash, CainRashWest,

Construction Services: GRC http://www.grcincom/

Real Estate services: TCI Group Jerry Petzoldt Agency

Contact: Charlie Dotson 423.773.6234 cell or Angie Marshall 423.534.9888 cell

KINGSPORT – Sullivan Street could soon see the major renewal evident throughout other areas of downtown Kingsport with Tuesday’s announcement that Mountain Region Family Medicine PC, under the banner of The Press Group LLC, will make up to an $18.5 million initial investment at the former Quebecor location.

Under the Project Friday development plan, at a minimum, Mountain Region will renovate 57,398 square feet of the former Kingsport Press Building fronting on Sullivan Street for medical offices at an estimated cost of $12.7 million.

According to John Linke, with Mountain Region, the first phase could range up to $18.5 million, renovating up to 115,000 square feet.

“With the medical practice alone, that would add 70,000 visits a year in terms of traffic count in the downtown area,” Linke told the Kingsport Economic Development Board at a Tuesday presentation. “Since 1994, we have had a major presence in Kingsport with five offices, as well as practices in Gate City and Nickelsville in Virginia. We look forward to continuing to give back to the community. And certainly, we are very pleased to be an integral part of the rebirth and renewal of downtown Kingsport.”

Depending on interest from other potential tenants, additional phases could add another 71,000 square feet to the project for an estimated total cost of up to $24 million.

Working in conjunction with CainRashWest Architects and GRC Inc., architectural and construction firms, renderings were presented of a proposed renovation of the entire three-story Press Building. The property will be marketed through the TCI Group.

“This is a terrific announcement for Kingsport and the downtown area,” Kingsport Mayor Dennis Phillips. “Despite tough economic times nationally, we continue to see regional interest in investing in Kingsport and the Northeast Tennessee region.”

Mountain Region Family Medicine consists of 18 physicians and three nurse practitioners, with more than 100 employees in total.

“This really has the potential of being a cornerstone for redevelopment of the Sullivan Street Corridor,” City Manager John Campbell said. “This group has performed a tremendous amount of due diligence over the last six months or so, and we look forward to them moving forward with a successful project that could well spark additional commercial redevelopment along that corridor.”

Under the current timeline, the building would be complete and occupied by the fourth quarter of 2010.
Kingsport is located on the Tennessee-Virginia border at the crossroads of I-81 and I-26 near the geographic center of the Eastern U.S. This city of 50,000 in a metro of 308,000, was planned by renowned American planner John Nolen in his office at Harvard Square. Located in the lush green foothills of the Tennessee Valley, it is surrounded by the Southern Highlands and mountain lakes. Kingsport is home to Marriott’s and thousands of acres of unique, natural amenities at Bays Mountain and Warriors Path Parks. The natural geography provides a temperate, well-balanced climate with four seasons and a natural shelter from extreme weather. Population growth has also been well-balanced, ensuring you will not outgrow your decision to relocate. With no personal property taxes, special assessments, or state income taxes on salaries/wages, you’ll find that Kingsport has a very low cost of living coupled with an exceptionally high quality of life (see for yourself at The regional airport (TRI) has direct flights to Atlanta, Charlotte, Orlando and St. Pete/Clearwater with easy access, parking, and virtually no security lines. The public education system was planned by Columbia University and Newsweek has repeatedly recognized the local high school as one of the best in America. Year in and year out our graduates go on to the top colleges and universities (and without costly private school tuition fees). Harvard also recognized Kingsport in 2009 with the Innovations in American Government Award for its higher education initiative. What are you waiting for? It’s time to leave the high costs, traffic jams, and stress behind and discover this hidden gem.