First Tennessee Bank is set to offer high-rise apartments

Chattanooga, TN (WDEF) – Pretty soon residents will be able to move into what was once the tallest building in Chattanooga.

The downtown First Tennessee Bank will soon be purchased by Heritage Land and Development, a group out of Memphis. "They have the talent to take the First Tennessee Bank building and really turn into a place that people live," Amy Donahue, River City Company’s Marketing & Communications Manager.

As a part of the contract, First Tennessee will keep a long-term lease on the first three floors, and three additional floors will remain office space. But locals will soon be able to move into apartments starting from the 10th floor.

"It’s a high-rise experience," said Donahue, "You don’t typically have that in Chattanooga. You might live somewhere that may be a four, five, six story development-which is great, but the First Tennessee Bank building is 16 stories."

In a recent market study done downtown, Chattanooga showed it was in desperate need of about 2,300 apartments, "That means, if we had 2,300 units of apartments downtown we could fill them, right now," said Donahue.

Heritage Land and Development has already made an investment in Chattanooga, purchasing the Maclellan Building on Broad Street, which will soon be converted into 90 apartment units.

Categories: Hamilton County, Local News

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