UT System releases RFP for Neyland Entertainment District
Responses due by 3 p.m. EST on March 4.
The University of Tennessee System (UT) on Monday released a Request for Proposals (RFP) for developers interested in the mixed-use hotel and entertainment district adjacent to Neyland Stadium on the UT, Knoxville (UTK) campus. It comes just days after the State Building Commission approved the process with a deadline of 3 p.m. EST March 4 for responses.
“This project is envisioned to support and enhance the gameday and ‘everyday’ experience within the Neyland Stadium district, improve the aesthetics of Neyland Stadium’s southeast-facing exterior façade, and strengthen the campus’s connection with the adjacent Tennessee River,” according to the introduction to the RFP. “The current vision for this project includes a mixed-use hotel and condotel facility adjacent to the southeastern façade of Neyland Stadium and inclusive of amenity spaces such as conferencing/event space, a restaurant, and potentially a rooftop entertainment area.”
It continues, “The vision for the project also includes an additional plaza or open space anchoring entertainment, retail, and other district amenities. UTK’s long-term ambition is to use these development opportunities to create a unified experience that connects Neyland Stadium with Food City Center.”
The University states that it is seeking to engage a master developer to develop, finance, operate, and maintain the mixed-use assets through a public-private partnership in which the developer would ground lease University-owned land. Noting that it is planning the Neyland Entertainment District development as a multi-phase development opportunity, the initial phase calls for developers to submit proposals with their experience, financial capability, and project approach (including proposed program, site plan, massing diagrams, schedule, and operating and financial plan). Following evaluation of proposals, the University will select two or more finalists for negotiations, leading to the submission of a Best-and-Final Offer (“BAFO”). The University will issue an Intent to Award to the best-evaluated developer, which will proceed into advanced negotiations with the University System and UTK.
The RFP can be found here.
