Sunday, October 19, 2014

Richard E. Dover on Developing the Farragut Building

Richard E. Dover
Recently, Richard E. Dover and Family Pride Corporation arranged the purchase of the Farragut building, one of Knoxville’s most prominent buildings.  

According to the company’s president Richard E. Dover, Family Pride Corporation specializes in purchasing notable or historic buildings in East Tennessee and Georgia and turning them into senior living communities. Although the immediate plans for the company’s recent purchase of the Farragut building have yet to be unveiled, Richard E. Dover and his team are expected to conduct a series of market studies throughout the rest of 2014. After ample research, Family Pride Corporation is expected to make a determination sometime in 2015.

Working to restore and refurbish historic building requires time and energy, reports Richard E. Dover. In order to meet all market needs and historic preservation guidelines, Family Pride Corporation must be diligent about each and every step of the process. Richard E. Dover states that Family Pride Corporation is on track to remain long-term owners of the building.

The Farragut Building is located on Gay Street in Knoxville, which runs right through the heart of downtown. Since its establishment in the late 18th century, Gay Street has been Knoxville’s principal commercial and financial thoroughfare and has proven to be a key driver of the area’s cultural and historical development. Prominent buildings along Gay Street include the following sites:
  • McNulty Building
  • Fidelity Building
  • Woodruff Building
  • Kress Building
  • Century Building
  • S&W Cafeteria
  • Riviera Theatre
  • Sanford, Chamberlain and Albers Company Building
  • Arnold, Henegar, Doyle and Company Building
  • Gay Theater
Prior to this purchase transaction by Family Pride Corporation, a development firm from California had expressed interest in turning the Farragut Building into a full-service hotel, reports Richard E. Dover.

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