KNOXVILLE, Tenn. — Work will officially begin on Knoxville's new multi-purpose stadium near the Old City after years of preparation.
Boyd Sports held the official groundbreaking ceremony for the stadium at 400 East Jackson Avenue at 9 a.m. on June 13.
Randy Boyd, owner of Boyd Sports and current president of the University of Tennessee, was joined Tuesday morning by Knoxville Mayor Indya Kincannon, Knox County Mayor Glenn Jacobs, Knoxville Area Urban League President Dr. Charles Lomax, and Beck Cultural Exchange Center President Rev. Reneé Kesler.
The multi-purpose stadium will be the new home for the Tennessee Smokies baseball team. The team will once more return to being called the Knoxville Smokies after it returns to the city, which could happen as soon as 2025. The stadium will also host One Knox Soccer Club.
"This venue for professional baseball, soccer, festivals and concerts will greatly enhance the quality of life for Knoxville residents and the experience of visitors to our city," Kincannon said. "Outside the stadium, there will be new public plazas and streets vibrant with new businesses. Remember, this is a space that has been dormant for decades. This public-private investment represents new jobs, East Knoxville redevelopment and game-changing wealth-building opportunities. The total economic impact of this project will be close to half a billion dollars over 30 years."
The stadium will be publicly owned. Boyd assembled land for the site near Willow and Jackson avenues.
"This stadium will provide a space and purpose that brings people together and serves as a catalyst for growth," Boyd said. "The people gathered here have been instrumental in impacting the rebirth of Knoxville's downtown in the past decades, and as we grow with intention, we will connect East Knoxville with the Old City and rejuvenate an area to create positive change."
Investors bought $65 million in bonds that’ll go to pay for Knoxville's downtown stadium construction, which was a key milestone to bring the project to fruition. The total estimated cost of the roughly 7,000-seat stadium is $114 million. The state has thrown in $13.5 million and Smokies baseball team owner Randy Boyd is also contributing money, among various sources that will pay for the project.
Final closure of the bond sale was set for June. The 30-year bond issue has what's called a true interest cost of 5%. That’s just about what planners budgeted for.
"It is exciting to be breaking ground on something that will be transformative for an area that has been in dire need of investment and development," Jacobs said. "I have no doubt the stadium will easily become the centerpiece of downtown and a destination for people around the region."
Crews already have been performing site work for months to get the land ready for construction. After the groundbreaking, the superstructure will rise up this year from the site.
The stadium is expected to be completed by March 2025.