Stories of Technology, Innovation, & Entrepreneurship in the Southeast

UPDATED:

The full University of Tennessee Board of Trustees on Tuesday approved a holding and option agreement for the 5.6-acre site that has been known as the Maplehurst property and is part of what the University of Tennessee, Knoxville (UTK) hopes to eventually become known as the Maplehurst Innovation District.

Comprised of 199 apartments, the agreement with The University Financing Foundation Inc. (TUFF) will provide UTK with the ability to control the future development of the property that is adjacent to the main campus and lies within the institutional zone of the current Master Plan.

The proposed term of the holding period is five years, and the University may elect to extend the term by five additional years, conditioned upon TUFF being able to extend its financing. During the term, TUFF will operate and manage the Maplehurst property, including the ongoing leasing of the apartments, and the University will pay an amount to TUFF equal to the annual net holding costs.

After two people traveled from Knoxville to Chattanooga to express concerns and a third wrote a letter, Chancellor Donde Plowman promised that it was a long-term project and pledged to involve the community.

According to documents provided to the Board, UTK has evaluated the purchase of the Maplehurst Property and has determined that a direct acquisition of this property is not the desired approach at this time. Instead, in order preserve such property for future development in alignment with its priorities, UTK prefers to partner with TTUFF, a nonprofit developer that specializes in working with institutions of higher education.

PREVIOUSLY POSTED:

“This is an opportunity to be bold,” University of Tennessee (UT) President Randy Boyd told the Education, Research and Service Committee of the institution’s Board of Trustees during its meeting on Monday in Chattanooga.

His comments followed a presentation by Kari Babski-Reeves, Associate Vice President for Research, which focused on the impact that uncertainty with federal funds is having across the various campuses and institutes.

Noting that her slides were current when they were prepared a month ago, Babski-Reeves told the Committee members that a total of 3,000 awards have been terminated nationally, including 60 across the UT System.

Two federal agencies are particularly facing significant cuts. The are the National Institutes of Health at 44 percent and the National Science Foundation at 55 percent.

One of the most significant impacts would also be felt from proposals that deal with indirect costs. While the average is around 38 percent for all UT campuses, the proposals by several agencies could reduce it to 15 percent.

“There will be a change,” Babski-Reeves said.

While growing industry partnerships will help, that source of funding would not replace the federal dollar loss.

“There are bright spots,” she said, and UT, Knoxville (UTK) Chancellor Donde Plowman said two opportunities are artificial intelligence and nuclear energy.

Later, in a separate presentation, the Knoxville campus leader outlined a plan that is focused on what it looks like for UTK to move to the next level. The simple truth, she said, is more strategic faculty hires and more facilities for research.

Chancellor Plowman outlined three innovation districts. They are;

1. The newly renamed Peninsula District, which includes the UT Research Park as well as the UT Medical Center;
2. The recently announced Maplehurst District, which would bridge the gap between what was once called “town and gown” and would include quantum and computing; and
3. The Oak Ridge District which would also focus on nuclear, advanced materials, and manufacturing.

“It will take a continued and sustained performance over time,” she said. “This is our time to bet on ourselves.”

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