Tuesday, August 30, 2016

From Parking Spaces to Home Places: Rick Dover on Knoxville Landmark Pryor Brown Garage

The Pryor Brown garage is considered one of the first structures of its kind, says Rick Dover, the Knoxville developer intent on repurposing this historic building into a 30-unit condominium complex. Here, Dover explains his commitment to move forward with the project, despite slim projected profit margins.

Q: What caused the delay in your construction on the Pryor Brown garage?

Rick Dover, Knoxville Developer: In order to continue with the project and turn any sort of profit we applied for a tax incentive, which is not uncommon when dealing with projects like this. However, Knoxville recently instated a third-party vetting process just to make sure approved projects were receiving proper scrutiny. This is a new procedure and has caused a few minor delays.

 Q: Why is Dover Development interested in this project?

Rick Dover, Knoxville Developer: The Pryor Brown garage is a historic landmark. We try to put emphasis and give priority to those projects that restore or preserve Knoxville’s heritage. Dover Development has worked on restoring numerous historic landmarks including schools, hospitals, and hotels. We don’t expect to make a big profit but believe it will be enough to not only make the project worthwhile for the community but for Dover Development as well.

Q: How much is the property worth?

Rick Dover, Knoxville Developer: As it sits, it is mostly land value now estimated at about $1.3 million. Once the condominiums are complete, the property should be valued at greater than 10 times that. We also anticipate that the condominiums will bring in greater than $175,000 per year in taxes to the city.

Q: Within what timeframe does Dover Development expect to have the project completed?

Rick Dover, Knoxville Developer: From start to finish, we are hoping about 18 months. However, with structures such as this – buildings that are literally crumbling – it may take a bit longer. We do get the occasional surprise and find that things are in better shape than they appear outwardly. We’re hoping for that with this project but we do have some major issues to address initially.

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