46 replies to this topic

[Hankster]

Possibly no city in the South has experienced a rebirth of their downtown area since the beginning of this century as Chattanooga.  The following is a comprehensive list of projects under construction or in the process of being completed in the downtown Chattanooga area.  Much of Chattanooga's growth recently has been concentrated in the downtown area, much more so than in other Southeastern cities.  As a result, Chattanooga is often cited as a model for development for other cities across the nation, and even the world.   Enjoy!

1800 Cowart Townhomes - 7 Units on 18th and Cowart St U/C



Battery Place Condominiums - $7 Million 2 building, 46 unit complex complete Fall 2006



600 River Street - $20 Million 4 story condo complex.  Phase I is 25 to 30 condos complete late 2006.  Phase II is 32 more condos



Cherry Street Townhomes - 2 Building luxury condo complex 1 block from the Aquarium complete early 2006



Cowart Lofts - $2.7 Million 20 unit complex U/C



Frazier Place - $4 Million 4 level 60,000 Sq Ft complex consisting of 12 condos and 12,000 Sq Ft retail.  Just now being completed.



Lofts on Main - $2 Million 10 unit complex just now being completed



Museum Bluffs - Phase I 20 unit high end residential with retail and Phase II 107 unit residential with parking garage and 1st floor retail.  8 stories.  Both phases complete by spring 2007.



Electric Power Board - 8 story, 120,000 Sq Ft office building with 505 space parking garage complete early 2006.




City Hall Renovation - $9 Million project complete late 2006 (No Picture)


Northshore Project - $14 Million, 4 Story, 80,000 Sq Ft project with 320 space parking garage.  15,500 Sq Ft retail on first floor, 36,000 Sq Ft office space on 2nd and 3rd floors plus 6 condos on top floor.



Palmetto 8 - 48 condos and townhomes U/C



Parkside Brownstones - 12 townhouse condos on corner of MLK anf Magnolia St U/C



River Pier Landing - 6 Story mixed use project next to Aquarium.  Consists of 18 high end condos. 2 resaurants, and 17,000 Sq Ft retail.  7 story, $12 Million project just now being completed.



River Point - Overlooking waterfront, 5 building housing 8 luxury condos.  Just now being completed.



Seventeens on the Southside - 7 Townhomes U/C



The Clark Center - $5 Million 60,000 Sq Ft on corner of Market and Main renovated to house 10 condos and 18,000 Sq Ft of retail.  U/C  (No Picture)

The 417 on Frazier - $3.5 Million 4 Story mixed Use.  Ground floor restaurant and retail.  12 Condos on the upper floors. Complete mid 2006.



Mayfair on Market - $12 Million 8 Story mixed use.  5,000 Sq Ft ground floor retail, 11,000 Sq Ft Class A office, 50 apartments and 110 car parking garage.  Complete 2007

Edited by Hankster, 17 January 2006 - 11:30 AM.

[Hankster]

As in many cities these days, there seem to be a large number of residential projects being built in downtown Chattanooga at this time.  The number of downtown units under construction is rising is rising here each year just like it is rising in both Nashville and Memphis.  One very healthy fact about the Chattanooga downtown construction is that there is also a considerable amount of office construction as well:

1.  The 120,000 Sq Ft EPB corporate headquarters project
2.  The Northshore project which includes 36,000 Sq Ft of new Class A office space.
3.  The Mayfair on Market project which includes 11,000 Sq Ft of Class A office space

Add to this the huge 800,000 Sq Ft Blue Cross Blue Shield headquarters project set to break ground in a couple of months and you have a very healthy inclease in downtown office space in Chattanooga.

Thw downtown area here is booming in every way and there is good reason to be exited about it.  Suburban office construction is going on here as well, but in Chattanooga there is no more suburban office construction going on as there is downtown office construction.  I think that's a very heathy thing for Chattanooga and could help keep future suburban spawl here under control.

[ATLBrain]

I noticed a few weeks ago that there was a steel substructure for an office building in the office park (across from the golf course) fronting I-75 near Exit 3 (East Brainerd Rd.).  Also, one of my firm's Chattanooga partner said that a BMW dealership was going in on that hill right there at the East Brainerd exit.

[Hankster]

ATLBrain, on Jan 19 2006, 10:27 PM, said:

I noticed a few weeks ago that there was a steel substructure for an office building in the office park (across from the golf course) fronting I-75 near Exit 3 (East Brainerd Rd.).  Also, one of my firm's Chattanooga partner said that a BMW dealership was going in on that hill right there at the East Brainerd exit.

I noticed that steel substructure too just a couple of days ago.  I don't know what it is, but I plan to find out.

[cheeriokid61]

Thanks for posting all of this Hankster. I really like the look of the Cherry Street Townhomes, Lofts on Main, Museum Bluffs, Electric Power Board, and River Pier Landing. There all very nice.

Wow, forming the new East Tennessee subforum has sparked a whole lot of interest in Chattanooga and Knoxville. Great idea, RK!

[Hankster]

cheeriokid61, on Jan 20 2006, 10:35 PM, said:

Thanks for posting all of this Hankster. I really like the look of the Cherry Street Townhomes, Lofts on Main, Museum Bluffs, Electric Power Board, and River Pier Landing. There all very nice.

Wow, forming the new East Tennessee subforum has sparked a whole lot of interest in Chattanooga and Knoxville. Great idea, RK!

My favorite is Mueseum Bluffs. I think its going to be gorgeous, especially when viewed eith from across the river or from one of the bridges.  The Cherry Steet Townhomes are really nice, too, if you have a fat wallet.  I toured one a while back as it was nearing completion.  They are absolutely huge, about 3500 ft +, and all have spectacular views of the Aquarium, etc.  It takes about $700 Grand to get in one though.  Despite the high prices, they're sold out!

[ATLBrain]

A friend of mine up there has a realtor wife.  They came to visit yesterday, and she mentioned that she's never seen so much real estate activity in her 14 years as an agent.  She said that her satellite office alone has sold 30 houses to transplants from Florida.  She said that they can't get hurricane insurance for their homes.  Apparently, the firm where she works has sold hundreds of houses to Katrina evacuees too.

I'm sure we're getting the same thing in Atlanta.  She pointed out that nearly all of the buyers out of her office are fairly recent retirees.  They hadn't yet put deep roots in Florida, and they like the fact that TN has no income tax (like Florida).  She said they're called "halfbacks" as many of them originally moved from points in the north and midwest to Florida.  So TN is halfway back to where they came from.

[Hankster]

ATLBrain, on Jan 19 2006, 10:27 PM, said:

I noticed a few weeks ago that there was a steel substructure for an office building in the office park (across from the golf course) fronting I-75 near Exit 3 (East Brainerd Rd.).  Also, one of my firm's Chattanooga partner said that a BMW dealership was going in on that hill right there at the East Brainerd exit.

That office building under construction is the 40,000 Sq Ft Pointe Centre office building, part of the Point Corporate Center office park.  There are currently about four office buildings in the park, all about the same size.

[UTCdude23]

Hankster, on Jan 22 2006, 09:17 AM, said:

That office building under construction is the 40,000 Sq Ft Pointe Centre office building, part of the Point Corporate Center office park.  There are currently about four office buildings in the park, all about the same size.

I actually used to intern for a company that worked in the 1200 building of the Pointe Centre.  It's an interesting park, and it has plenty of room to erect more buildings.  The Social Security Administration has a large office there.  I haven't heard anything about a car dealership being built nearby, but it would be interesting to see what pans out.  I am very heartened by the construction that is happening around downtown and the north shore area.  Yesterday my sister and her boyfriend came up from Rome, GA. And were amazed by how much was going on by the River.  As a former resident of Cameron Hill, I am saddened to see the apartments go, but It will be interesting to see the kind of complex that BCBS builds there.  I just hope they let people go up there @ night to look out at the city, I miss those views very much!

[Hankster]

UTCdude23, on Jan 22 2006, 12:22 PM, said:

As a former resident of Cameron Hill, I am saddened to see the apartments go, but It will be interesting to see the kind of complex that BCBS builds there.  I just hope they let people go up there @ night to look out at the city, I miss those views very much!

The view from the top of Cameron Hill really is spectacular.  I, too hope that we can still go up there to enjoy the once once the new BCBS headquarters complex is built up there.

[ATLBrain]

I like the way that 417 Frazier looks.  Has that been started?  

It's nice to see the Northshore doing so well.

[Hankster]

ATLBrain, on Jan 24 2006, 11:36 AM, said:

I like the way that 417 Frazier looks.  Has that been started?  

It's nice to see the Northshore doing so well.

I believe so, but am not totally sure.  Projected completion date is Mid-2006, so if it hasn't, it would be any day now.  Here's some more info on the project.  Better check your wallet if your interested in moving in:

A new four-story building which will include a basement, ground floor containing a restaurant/bistro and retail shops and three floors with four condominiums each.  The condos will have two bedrooms and 2 1/2 baths and contain 1,897 to 2,182 square feet.  These units will sell from $570,000 to $710,000.  Homeowners will have exclusive access to the roof deck, a walking path, and an observation area.  Gated parking will be provided beneath the building for the condos.  The outside wall will be constructed of red brick, cement and steel to blend with the area.  The project will be completed by mid-2006.                  

Investment:  Total cost approximately $3.5 million
Architect:  Andy Smith
Contractor:  Raines Brothers
Developer:  Jay Floyd, Jimmy Adams @ 423/266-9092

[ATLBrain]

Thanks Hankster for the info.  

The economics look damn good (provided he sells all condo units).  Swagging a guess of an average $630K per each unit (12).  That'll bring in $7.5M, not to mention the rental on the ground retail.  Of course, SG&A costs aren't known, but apparently a very nice return on the $3.5M construction costs.

Edited by ATLBrain, 24 January 2006 - 10:23 PM.

[ATLBrain]

Sorry for the twenty questions, but where exactly is the Palmetto 8 project?  And is the Northshore Project listed above the same project announced with the Greenlife Grocery?

[smurf]

ATLBrain, on Jan 24 2006, 11:24 PM, said:

Sorry for the twenty questions, but where exactly is the Palmetto 8 project?  And is the Northshore Project listed above the same project announced with the Greenlife Grocery?

I have no idea where Palmetto 8 is. However, the northshore project is on frazier ave., next to a gas station, across the road from 417 Frazier. The Greenlife Grocery is supposed to be on Manufacturers Rd IIRC, which intersects with Frazier Ave/Cherokee Blvd just NW of Market St.

Edit: BTW, 417 Fraizer has been "started", they've leveled the old building and have excavated the basement. Seems like I have a picture somewhere I might post tomorrow.

Edited by smurf, 24 January 2006 - 10:59 PM.

[ATLBrain]

Thanks.  Good info.  Things are hopping up there.

[HABANERO7]

Currently Chattanooga has a pretty good hotel lineup for its size with the Downtown area sporting the Chattanoogan as the nicest and newest hotel, followed by the newly remodeled Sheraton Reed House. Still nice with lots of rooms, but not quite up to par with the 2 mentioned above, would be the Holiday Inn Choo Choo and The Downtown Marriott (which is connected to the trade center). Along with those names, downtown also sports a few other hotel nameplates including The Hilton Garden Inn, The Residence Inn by Marriott, The Courtyard by Marriott, the Clarion Suites, and the Stay Bridge Suites just to name a few of the nicer lower tier accommodations.

Outside of Downtown mainly in the Hamilton Place Mall area some of the hotel name plates repeat such as Fairfield Inn by Marriott, Courtyard by Marriott, Hilton Garden Inn, Holiday Inn and Holiday Inn Express.

Missing from Chattanooga’s hotel list are names like:
Weston
Wyndham
Peabody
Adams Mark
Embassy Suites
Hilton without the Garden
Crown Plaza
Loews
Hyatt

Will Chattanooga see more of an upscale presence in the future?

[Hankster]

ATLBrain, on Jan 24 2006, 11:24 PM, said:

Sorry for the twenty questions, but where exactly is the Palmetto 8 project?  And is the Northshore Project listed above the same project announced with the Greenlife Grocery?

The Palmetto 8 project is located at the intersection of Gay St. and Jackson Ave.  The project was given the go ahead by city council on October 31st.  Heres some more info on the project:

This project will include 48 condominiums and townhouses arranged as 36 condo flats and 10 townhouses.  The units include one, two and three-bedrooms ranging in size from 712 s.f. to 1,600 s.f. with prices ranging from $115,000 to $250,000.

Developer:  Cityscape Development
Broker:  Donna C. Williams / Keller Williams Realty (423) 267-0720

[Lexy]

Gawd Hank!  Chatt. will not be recognizable in ten years.  Great stuff!!!!

[Hankster]

HABANERO7, on Jan 25 2006, 04:24 PM, said:

Currently Chattanooga has a pretty good hotel lineup for its size with the Downtown area sporting the Chattanoogan as the nicest and newest hotel, followed by the newly remodeled Sheraton Reed House. Still nice with lots of rooms, but not quite up to par with the 2 mentioned above, would be the Holiday Inn Choo Choo and The Downtown Marriott (which is connected to the trade center). Along with those names, downtown also sports a few other hotel nameplates including The Hilton Garden Inn, The Residence Inn by Marriott, The Courtyard by Marriott, the Clarion Suites, and the Stay Bridge Suites just to name a few of the nicer lower tier accommodations.

Outside of Downtown mainly in the Hamilton Place Mall area some of the hotel name plates repeat such as Fairfield Inn by Marriott, Courtyard by Marriott, Hilton Garden Inn, Holiday Inn and Holiday Inn Express.

Missing from Chattanooga’s hotel list are names like:
Weston
Wyndham
Peabody
Adams Mark
Embassy Suites
Hilton without the Garden
Crown Plaza
Loews
Hyatt

Will Chattanooga see more of an upscale presence in the future?

If Chattanooga continues its momentum, I think another new more upscale hotel is in the cards.  It's probably about 5 years away, if I were to hazard a guess.  What do others think?