Details of the major stadium/development project announced today
It will sit on the old Wheland/U.S. Pipe foundries as a new entrance for the city
CHATTANOOGA (WDEF) – Developers unveiled their plans for the old industrial area along the River on Chattanooga’s west side.
The first phase is a $350 million project which include multi-family housing, office space and public recreation.
The anchor will be a new $79,5 million multi-use stadium which the Chattanooga Lookouts will move into.
They are asking the city and the county to each pitch in just $1.5 million for construction of the stadium.
They say the Lookouts will pay a million dollar a year rental fee (highest for any Minor League Baseball team & 3 times the amount the Titans pay for Nissan Stadium). The Lookouts will also cover operations and maintenance for 30 years.
The rest of the stadium will be paid for by the project itself, from the private owners and fees from the stadium itself.
Here is their list of Multi-use stadium funding:
· Property tax generated from private development on the site — 63%
· Lease payments for the multi-use stadium — 22%
· State sales tax generated inside the multi-use stadium — 6%
· Parking revenue from the multi-use stadium — 4%
· City/County funding for debt service — 4%
· Local sales tax generated inside the multi-use stadium — 1%
The developers say the Lookouts will use the stadium 20% of the year, making it available for other community events the rest of the time.
The land under all this… the old Wheland/U.S. Pipe property is being donated by the owners to help spur growth in the South Broad district.
Chattanooga Mayor Tim Kelly describes this as an historic moment.
“Today, we now have an incredible opportunity before us to revitalize, renew, and reinvest in this historic land and the South Broad district,”
“Our city, the county, and the state are coming together with the ownership group and a renowned master developer to transform this site into a vibrant new community where economic opportunity and quality of life come together. The time is now.”
The process leading up to today’s announcement began seven years ago.
The plan for a new stadium, paid for by tax increment financing (TIF), emerged from a year of community input and published in 2018.
But the plan was paused by the pandemic.
But County Mayor Jim Coppinger says “I’ve been working on this project for nearly a decade, and the opportunity to renew our western gateway is too important for the future of Hamilton County to not see this through.”
“This will create new jobs, millions of dollars for our schools and new homes for families. This is an investment for our children and our children’s children.”
Jim Irwin of New City Properties is the master developer. His company specializes in brownfield redevelopment. They were behind the Ponce City Market in Atlanta, Parkview Field in Fort Wayne, the Fourth Ward near Atlanta’s BeltLine, and the Neuhoff site in Nashville.
“What attracted New City to this project was the opportunity to combine our adaptive reuse experience with our interest in building compelling places that the surrounding community can embrace. There is a powerful story that runs through this site — a key pillar of industry in the community for more than a century, and Gary Chazen and his partners have trusted us with the opportunity to help restore it for future generations.”
“We try to be very thoughtful about the projects we take on, but the more I learn about this opportunity, the more excited I get when I think about what it can become.”