Groundbreaking for a $28M Dollar Project in Downtown Chattanooga
It took an Atlanta company and strong support from local leaders to make that a reality.
Its expected to be an economic boost for the area.
The tree-shaded 700 block of Market Street is ideal for a mixed purpose property–upscale apartments, office space and retail on the ground floor. Most people would like to know–what took so long?
KIM WHITE, PRESIDENT, THE RIVER CITY COMPANY "Well, there’s 3 things that made it happen, right? So you the right project, the right developer and the right timer and all three of those things came together..so we feel great about this project."
This 28-million dollar project will be 10 stories with 125 apartments, including "affordable" units.
The developer, The Simpson Organization, did get a Payment in Lieu of Taxes agreement.
KIM WHITE "It was unanimous…by the city council and county commission…so its one of the few that everyone believes in fully."
COMMISSIONER JOE GRAHAM, HAMILTON COUNTY "This is a great piece of property but its so expensive to build in this downtown because of the logistics that it needed a pilot to sort of get it up on its feet."
CHRIS ANDERSON, CITY COUNCIL MEMBER "This kind of project is exactly why we have the PILOT option for certain developments in the downtown area."
If you’re wondering where these new residents will park–the answer is next door in the Sun Trust building, which is also owned by the Simpson Organization. It’ll be easily accessible.
Boyd Simpson says the project will lend itself to a vibrant and healthy downtown, but he says, it’s actually a testament to the American way.
BOYD SIMPSON, OWNER, THE SIMPSON ORGANIZATION "Every time that we buy a property or begin to construct a property …I’m reminded that we live in this free society..which gives us choices."
Mayors Berke and Coppinger both pointed out that this is part of some 500 million dollars in downtown development.
They joined in the official ground breaking ceremony.
The project is set for completion in 18 months.
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