Knoxville-based Safe Harbor Development closed on a 0.8-acre site at Fifth and Peabody for more than $8.2M. It's planning to develop a 14-story, 200-room (or so) Margaritaville Hotel. The seller was Alpha Development, which acquired the site in 2015 for more than $6.3M, according to the Tennessean.

This summer, the Metro Development and Housing Agency's design review committee gave conditional approval to the concept plan for the hotel, pending review of its building materials and a few other issues. The property will include a rooftop pool, a bar and a restaurant above the fifth floor.

Safe Harbor, a hospitality, restaurant and marina specialist, developed a Margaritaville-branded hotel in Pigeon Forge in 2014. The brand, founded by Jimmy Buffett to cater to Parrotheads and others, mostly includes restaurants, but also a growing number of hotels, with other locations in Florida and Mississippi. [Tennessean]