Groundbreaking held for Riverport Industrial Building

CHATTANOOGA, Tenn. (WDEF) – Groundbreaking was held Thursday for a new industrial development in Chattanooga.

Urban Story Ventures broke ground on a $28 million industrial building on Riverport Drive.

Rendering of the new industrial building being constructed by Urban Story Ventures. (Courtesy: Urban Story Ventures)

Jimmy White, their President, says their new project at Riverport Industrial Park will address a huge need in the Chattanooga economy.

White said, “Big manufacturing tenets are currently looking at Knoxville. They’re looking at Greenville. They’re looking at Chattanooga. They’re looking at these markets, and they don’t need those spaces a year from now, two years from now, they need it immediately.”

It will be a Class A industrial building, looking to obtain some of the largest manufacturing tenets in the industry.

White said Class A manufacturers could range from, “the Amazons and distribution to light manufacturing.”

He says that market forces have potentially kept some companies out of Chattanooga.

White said, “In 2014 is when we started buying vacant and industrial in Chattanooga. Our rental rates were about three dollars a square foot. Now we’re approaching 10 and 12 bucks a square foot, and that’s just a function of supply and demand, right? And construction costs.”

He says this rise is similar to other inflationary costs, and says our area needs to continue pushing forward with more development projects.

White said, “Places like Chattanooga, mid-sized cities across the Southeast become more in demand as folks move from places like California, New York and places like that, we have a need for that. They’re bringing jobs, they’re bringing employers here, so it’s exciting to produce this kind of product here and have it readily available.”

White says he expects construction to take about a year, as he expects newcomers to be able to move in, in the spring of 2025.