It's known locally as the "orange route." There were several proposed routes for the bypass and the one selected was the one colored orange on the map.
The route is here:
Interstate 475 Tennessee @ Interstate-Guide.com
Residents of the area are very unhappy about it.
KnoxNews: Traffic
And have started a website to organize opposition against it.
Political Action Against the Beltway
Personally, I'd love to see the truck traffic taken off of I-40 but I can understand that Hardin Valley doesn't want to lose what is a beautiful area.