Likely innovative for its time, the outdated concrete monstrosity formerly known as Hotel Knoxville is being reimagined as a massive residential project for young professionals, a demographic the city desperately needs to attract and retain.

After plans for senior living were scrapped last year, Melrose Knoxville LLC has a new vision on the table for the property at 501 E. Hill Ave. − a vision that would use the exterior concrete as a canvas for colorful art.

Melrose Knoxville LLC purchased the property for $16.8 million in October 2020. Billionaire Neil Kadisha owns the LLC and Omninet Capital, a private equity firm with more than 10 million square feet of commercial property.

New plans were presented to the Downtown Knoxville Alliance, whose development committee suggested the board approve a request for $50,000 to help fund the project.

But the main DKA board still has questions, executive director Michele Hummel told Knox News, and has asked the owners to attend its Dec. 19 meeting to address concerns before voting.

The project is expected to cost more than $19 million, according to DKA meeting minutes, and would include 375 apartments. Owners also told DKA the University of Tennessee has contacted them about leasing units − perhaps, the entire building − to address the student housing shortage.

The university spent $3.1 million earlier this year to house students in a hotel on Papermill Drive during a record-breaking enrollment year.

"One committee member expressed concern if DKA is bailing UT out of a housing crunch they may have created and if the project truly needs DKA's funding," the minutes read.

Still, the request was pushed ahead by the committee with a 3-1 vote.

Renderings included in the request show a renovated lobby with lush greenery hanging from interior balconies. Greenery also is incorporated on the slope of the building's exterior.

A majority of the units are designed as studios, according to meeting minutes. Some retail space also is included in the project plan.

DKA's funding could be used for maintenance of 110 large windows facing the Tennessee River and for repairing leaks, pressure washing the building and generally improving the outside of the structure.

The inside of the building will be "a complete renovation," according to meeting minutes.

More:No extension? No problem. Downtown developer goes ahead with apartment plan on county land

Knox News reported in April data from the Knoxville Chamber that showed the population of adults between ages 25 and 54 grew by just 1.1% in the Knoxville region from 2010 to 2019. That was slower than 338 other U.S. metro areas, including the other metro areas in Tennessee and in bordering states.

"The lack of growth is at a near-crisis level," Amanda O'Dell from the chamber told Knox News at the time.

Ryan Wilusz, downtown reporter and urban explorer for Knox News, can be reached at 865-317-5138 or by email at ryan.wilusz@knoxnews.com. Follow Ryan's work on Instagram @KnoxScruff, and sign up for the free, weekly Urban Knoxville newsletter. Unlock premium perks and support strong local journalism at knoxnews.com/subscribe.

This article originally appeared on Knoxville News Sentinel: Hotel Knoxville in downtown could become apartments for young people