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Weekend edition June 02, 2023 | Shannon Smith

News Roundup | Money, expansion, and 834 beds

Here’s your weekly roundup of business news from throughout the Knoxville region.

New luxury housing complex to add 834 beds for UTK students

The Mark Knoxville, a new luxury student housing complex, which will open doors in August 2025, will add 834 beds to the University of Tennessee, Knoxville (UTK) housing market.

Located a short walk from the northwest of campus, The Mark will offer unit types ranging from studios to five-bedroom options, all fully furnished with a private bathroom for every bedroom. The property will offer an on-property garage for resident vehicles and a shuttle bus to campus.

Additionally, The Mark will boast a rooftop pool and Jumbotron, a 24-hour study lounge, a pickleball court, a stylish rooftop clubhouse, a state-of-the-art fitness center, and a 25,000 square foot courtyard featuring fire pits, grilling stations, and hammock groves.

Construction on the project is slated to begin in June 2023 with Landmark Construction as the general contractor.

Axle Logistics expanding into Downtown Knoxville

Knox News reports that while Axle Logistics waits on an expansion of its North Central Street campus, the company has taken over 14,000 square feet at the redeveloped (and now full) 300 W. Magnolia Ave building at the edge of the Old City.

About 75 employees from Axle’s logistics consulting team have moved there and there’s room for up to 200 people.

The new office space is temporary for Axle while it waits for additions to its Central Avenue campus to be complete. Axle leaders said crews demolished the Brown Appliance Parts building next to the headquarters last week, and the 20-month construction process is slated to start in the next month, according to Knox News.

The space in the Magnolia building will then be ready for another office tenant.

Tennessee sets new records for business formation and renewals

Tennessee set new records in the first quarter of 2023 for business formations and renewals in the state, according to the recent Quarterly Business and Economic Indicators report issued by the Secretary of State’s Office.

In the first quarter of 2023, 21,516 new entities were filed, and 199,309 firms renewed their active status by filing annual reports, representing the highest totals for any quarter in the 25-year history of the data.

The largest number of filings in the first quarter of 2023 was in Davidson County, followed by Shelby, Knox, and Hamilton counties. Knox County saw the highest percentage increase in filings year-over-year, growing by 18.4%. Filings in these four most-populous counties together increased by 0.8% compared to Q1 2022.

Learn how CDFIs can help your Tennessee business

Last week, four Knoxville-based Community Development Financial Institutions (CDFI) shared insights on how they can help particularly small, underserved, and rural businesses grow. That CDFI panel is now available on demand.

Hear from DreamSpring, Knoxville Area Urban League, Pathway Lending, and Three Roots Capital about what a CDFI is and how they benefit the community.

ORNL, Pellissippi State finalize academic partnership

It’s official: A partnership between Pellissippi State Community College and Oak Ridge National Laboratory (ORNL) is set to bring new career options to students and a stronger workforce to the national lab.

On May 31, representatives from the college and ORNL signed a Memorandum of Understanding for the new Chemical Radiation Technology pathway, an option within Pellissippi State’s multidisciplinary Associate of Applied Science in General Technology degree.

Three new classes — two taught by experienced ORNL scientists — have been added to the college’s existing curricula, and students who take them will be prepared to enter the workforce at ORNL and other national labs even without first completing a bachelor’s degree. You can learn more about the program in this article.

ORNL names new Facilities and Operations Director

Ann Weaver has been named Facilities and Operations (F&O) Director at Oak Ridge National Laboratory (ORNL), effective this fall.

The nearly 20-year veteran of the lab will succeed Jimmy Stone who plans to retire at the end of 2023 after serving in the all-important role for the past 12 years, keeping the “small city of ORNL” running smoothly.

Weaver has served as Chief Operating Officer of the Neutron Sciences Directorate since 2019. Between now and her assumption of the F&O Director’s role, she will serve as the directorate’s Deputy Director. Click here to read the full ORNL release.

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