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Property lies vacant in Town


Two of the more visible real estate properties in Farragut, at the corner of Kingston Pike and Campbell Station Road, have seen some back-and-forth in past months.

The former site of Silver Spoon is up for sale again after being bought by Mountain Commerce Bank. The Edison Park property has yet to be purchased.


Mountain Commerce purchased the property of the former Silver Spoon more than a year ago. The restaurant was to be torn down and replaced with an office building and Bank branch.

“They’ve changed their mind and decided not to build a big building there, so they’re just going to sell the property,” said the site’s realtor, Don Brewer with Realty Investment Services.

“They have ended up relocating some of their offices over in the Cedar Bluff area rather than this location,” he added.

Tim Topham, regional president of Mountain Commerce, clarified. “What came available was the Stokely Building off Cedar Bluff Road … which we could move into and have renovated by Sept. 1.

“And we will have a full-service branch there, a drive-thru and night deposit. What it allowed us to do was move in immediately and consolidate all of our people into one office,” Topham said, adding that Bank offices are currently housed in two buildings off Peters Road.

“The Farragut location is a great location … and if at some point we can go back that direction, we want to,” Topham added.

Brewer said developers seemed more interested in using the property for a bank or a small shopping center than a restaurant.

“That’s been the most interest; not as much interest from restaurants right now … It seems like sit-down restaurants aren’t in a growth mode in general right now,” he said.

According to Matt Fentress, representing the Edison Park property with NAI Realtors, the bank boom in Farragut also is slowing down.

“The amount of new banks coming into Town has slowed down somewhat, so you don’t have quite as many out there looking as before,” Fentress said.

The Edison Park location has not been purchased since it was vacated in September 2007.

Fentress also said prospective developers were not interested in keeping a restaurant on this site, but for a different reason than the Silver Spoon property.

“We haven’t seen a whole lot of restaurant traffic … in the case of Edison Park, most of the restaurant equipment was removed, so there’s not a whole lot of efficiencies for someone to come in and do that,” he said.

According to Brewer, real estate activity may have slowed recently, but it has by no means drastically declined.

“There’s definitely less activity going on right now than there was a year ago … buying or leasing, fewer businesses expanding,” he said.

“It’s not that dramatic, but it is noticeable … but we’ve definitely got some activity on [the property],” he added.

 

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