Chattanooga Bank Buildings Becoming Apartments
If local planners are correct the inner city will be a fun and highly desirable place to live.
And, that transition is underway.
More downtown housing is actually well underway in the Scenic City.
Local leaders recognized years ago that many people who work in the heart of the city want to live there, also.
But the announcement this week that a sizable part of the First Tennessee Bank building will soon become apartments, likely changed the dynamic.
KIM WHITE, PRESIDENT, THE RIVER CITY COMPANY "The first Tennessee Bank building, I don’t think a lot of people realize, 7 floors have been empty for a long time..so its a way a new owner can come in and maximize that building."
Kim White says the need for downtown housing is driving the demand.
KIM WHITE "The Chattanooga Bank building has more that has been empty for about 10 years and that’s being converted over into an A-loft hotel, and that will start in March of next year.
The owner of the Sun Trust building has bought the vacant lot next door and will build housing there also.
Mitch Patel is the Founder, President and CEO of Vision Hospitality Group.
With projects like the Boutique on Walnut street, he’s also a major player.
MITCH PATEL, PRES. & CEO, VISION HOSPITALITY "The central business district that one time office was a big demand. " "..but now more people are wanting to live in the urban corps and you have these builds that are available and in most cases, vacant."
In order for the trend to remain viable there must be affordable housing as well as luxury apartments.
MITCH PATEL "Look, I think its always important to keep track of having housing for all ..and having different price points, just like hotels."
KIM WHITE "So now there are 300 units of all the ones we have announced that will be set aside for those making 80% of the Hamilton county median income or less."
Kim White says the city needs 2300 apartments, and has about 1800 now in the funnel.
Heritage Land and development has purchased the old McClelland building which become 90 apartment units.
Mitch Patel’s Vision Hospitality Group, while not housing, owns and operates 31 hotels in three states and employs more than 1,000 people.
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