A further development in terms of infrastructure construction in Knox County and the town of Farragut is detailed here. Basically, starting three years from now, Concord Rd will be widened from two lanes to five, with bike lanes and a sidewalk on one side and an extra wide trail on the other. The "median islands" mentioned are a recent development, in that studies have shown some downside to having a continuous center-turn lane. A new bridge will be built to feed into the roundabout at Northshore Drive. A greenway paralleling Northshore Drive will be built on its north side. (Since much of Northshore drive has few intersections, the greenway should be OK for cycling.)
For what it's worth, proposed Concord Rd expansion was previously held up as part of transportation spending rescissions. As such, it's difficult to project what the funding situation will be three years from now, which is the scheduled start of construction. To what extent traffic levels will require a five lane road is another question.