Chattanooga Area News

[MLBrumby]

I haven’t heard of him till now. Will check it out! Thanks for the tip.

[Titans10]

Chattanooga looks to be on the explosive growth train

Anticipated new Lookouts stadium at Wheland Foundry site causes mixed community reaction

https://newschannel9.com/news/local/new-lookouts-stadium-to-be-built-at-wheland-foundry-site-mayor-coppinger-shares-concerns-chattanooga-lookouts-att-field-sales-tax-property-taxes-mayor-tim-kelly-minor-league-baseball

 

look for an announcement sometime today regarding a new $70 million dollar lookouts stadium and a $1 billion dollar development.  Chattanooga’s west side about to be transformed all along the riverfront. 

[Titans10]

https://www.southbroad.info

 

Beyond a Stadium

Development begets development. Within 5-7 years, the project is expected to generate more revenue than necessary to pay down the bond used to fund the stadium constriction, allowing surplus funds to be directed to infrastructure needs and to other projects in the South Broad District.

The project is expected to generate at least $40 million in additional education funding for Hamilton County over the next 30 years — without the need to raise taxes.

The development goals ($350 million for Phase 1 and/or $1-1.5 billion for full build-out) are very achievable. The two prior projects led by the Lookouts ownership has already led to over $1 billion in investment around the stadium in Fort Wayne, Indiana (in approximately 13 years) and over $650 million in investment around the stadium in Columbia, SC.

The public will also receive a land and building donation valued at approximately $10,000,000 from the current owners of the site.

 

Building a Stadium

Construction of the stadium will cost approximately $79.5 million ($72 million build + $7.5 million for bond issuance and capitalized interest costs). 96% of the funding to construct the stadium will come from the project itself through investment from the private developers and payments from/generated by the Lookouts in the new stadium:

• 63% — property tax on the new private development

• 22% — the Lookouts $1M+ annual lease payments

• 6% — state sales tax generated in new stadium (most of which would otherwise go to the state)

• 4% — parking revenues from stadium events

• 1% — local sales tax generated in new stadium

Only 4% comes from the City and County:

• 2% — City of Chattanooga

• 2% — Hamilton County

This financing strategy involves use of an economic development tool called tax increment financing (TIF). With approval from the City Council and County Commission, the City and County will be able to use a portion of the increase in property tax revenues resulting from the new development to service the bond payments on the stadium, allowing the project to more than pay for itself.

Stadium Rent & Maintenance

The Lookouts annual rent will exceed $1 million a year for the next 30 years, higher than any other team in Minor League Baseball. For comparison, the Lookout’s rent will be approximately 150% of the rent paid by the minor league team in Nashville (https://www.nashville.gov/departments/sports-authority/first-horizon-park) and over 275% of the rent paid by the Tennessee Titans at Nissan Stadium (https://www.nashville.gov/departments/sports-authority/nissan-stadium).

In addition to a high annual rent, the Lookouts will pay for all ordinary operations and maintenance for 30 years — projected to be $45,000,000 over 30 years.

Edited June 30, 2022 by Titans10

[BnaBreaker]

That is going to be such an astronomical upgrade for that part of town, but, I'm not going to lie.  A part of me is going to miss that old ragged behemoth.  It is what has welcomed me to Chattanooga as I round the bend from the north for my entire life.  It's going to feel so different not seeing that there to greet me.

[Titans10]

2 hours ago, BnaBreaker said:

That is going to be such an astronomical upgrade for that part of town, but, I'm not going to lie.  A part of me is going to miss that old ragged behemoth.  It is what has welcomed me to Chattanooga as I round the bend from the north for my entire life.  It's going to feel so different not seeing that there to greet me.

From the rendering it looks like it will continue to greet you, just cleaned a bit. I think that would be cool if it’s apart of the stadium, it could be a cool outdoor concert venue as well to make it multipurpose. 

[MLBrumby]

Chattanooga riverfront project wins planning panel approval

https://www.timesfreepress.com/news/business/aroundregion/story/2022/jul/11/business-briefs-071122/572556/

- The site held the Central Soya feed mill

- The proposed project will hold about 750 housing units in a project valued at more than $400 million

- The Fletcher Bright company is seeking federal permission to put in about 100 boat slips on the Tennessee River

- Work could start late this year or early in 2023. The project still needs City Council approval.

 

[MLBrumby]

The city and county are booming together.  By one unofficial count by the district's county commissioner, there are currently 6,000 residential units in the pipeline. Here are a few planned... 

1.  One of biggest new apartment complexes planned for Brainerd area of Chattanooga; 336 units proposed for 42-acre parcel on Vance Road, near Sports Barn (city)

https://www.timesfreepress.com/news/business/aroundregion/story/2022/may/25/apartment-complex-brainerd/569682/

2. More than 700 apartment units are planned for a vacant parcel 54 acres in size at 8699 N. Hickory Valley Road. Highway 58 also will hold nearly 150 townhomes by a company affiliated with the apartment developer  (county)

https://www.timesfreepress.com/news/business/aroundregion/story/2022/jul/11/business-briefs-071122/572556/  

https://www.timesfreepress.com/news/business/aroundregion/story/2022/jun/16/58-development/571021/

3. Two buildings are to hold 27 or 28 apartments at McCallie and Central avenues (city).  a plan filed last month to develop the parcel that for many years held the Cigna Corp. office building on Goodwin Road. No number given yet. (city)  In Apison a developer in April offered a plan to put up to 800 single-family homes on a 321-acre tract around 3120 Bill Jones Road.  (county) 

 https://www.timesfreepress.com/news/business/aroundregion/story/2022/jun/02/apartment-project-intersection/570166/

4. More about the larger residential projects in the city from TFP:  https://www.timesfreepress.com/news/local/story/2022/jun/04/manufacturing-to-homes/570288/#/questions   (city)  This list does not include the massive $2-3 billion "Bend" project at the Alstom site. Nor does it include the various residential developments around the South Broad area (where the new Lookouts baseball park will be built).  

— A 70-acre tract off Amnicola Highway that for many years held the Central Soya feed mill is proposed to hold one of the biggest residential and commercial projects on Chattanooga's riverfront. Fletcher Bright Co. plans about 750 housing units in a project valued at more than $400 million. — The $300 million Riverton development will place 400 housing units on a 210-acre site near Lupton City. The property is near the abandoned mill site where Dixie Yarns and later R.L. Stowe once operated a thread mill.  — A $90 million, 350-apartment complex at 702 Manufacturers Road on the North Shore — across the river from Ross's Landing — is planned by Nashville developer Beacon Companies.  — Some 250 apartments at 430 Manufacturers Road, also looking across the river into the Tennessee Aquarium, are proposed by a South Carolina developer.  — A "resort-style" condominium complex off Riverside Drive just outside downtown is planned. The four-level, 45-unit structure is proposed on waterfront property near the Boathouse Rotisserie & Raw Bar.

 

Rendering of apartment building planned at McCallie Avenue and Central Avenue (27 or 28 units):

 

[MLBrumby]

Chattanooga planners endorse zoning change for East Brainerd housing projects

https://www.timesfreepress.com/news/business/aroundregion/story/2022/aug/08/east-brainerd-housing-projects-planned/574254/

RP Homes won approval for a residential townhouse zoning to allow the Chattanooga development company to build 88 two- and three-bedroom townhomes behind the Walmart Neighborhood Market in the 8100 block of East Brainerd Road. Developers said the proposed townhouse project on nearly 11.9 acres along East Brainerd Road and Kinsey Drive could be under construction by early 2023, if the Chattanooga City Council approves the recommendation for a townhouse development district from the Chattanooga/Hamilton County Regional Planning Commission.

[Titans10]

I took a drive down Hixson pike away from downtown the other day and once you get past Northgate Mall there are neighborhoods popping up everywhere, I didn’t even recognize the area at one point because of all the new construction. Chattanooga and surrounding areas definitely seem to be booming right now.  New houses popping up everywhere they can fit them in the North Chatt/Red Bank area. 

Edited August 16, 2022 by Titans10

[Titans10]

 

722 Apartments, Retail, Marina, Large Parking Deck Planned At Current Fuel Farm On Manufacturers Road

https://www.chattanoogan.com/2022/9/8/455475/722-Apartments-Retail-Marina-Large.aspx?utm_source=dlvr.it&utm_medium=facebook

 

A Nashville development group is planning a large number of residential units along with 52,000 square feet of ground level retail space on the North Shore.

Beacon Acquisition Group plans to take down the fuel tanks on 10.5 acres at 706-710 Manufacturers Road.

A six-story building with 722 apartments is planned at the site along with 1,342 of structured and ground level parking.

The site is to include a marina on the Tennessee River, a village green, and outdoor dining.

[Titans10]

On 12/17/2021 at 7:10 PM, Titans10 said:

https://www.postandcourier.com/business/real_estate/charleston-developer-invests-220m-in-3-new-tennessee-apartment-projects/article_9b874586-5f64-11ec-8f47-6ba2f69fd628.html
 

Picture of the 271 unit development being planned for 430 Manufacturers Rd.  across from Whole Foods on the North Shore. 

 

 

I'm still amazed the property less than a half mile down the street was denied by the planning commission 

Work started this week

[Titans10]

On 9/8/2022 at 2:29 PM, Titans10 said:

 

722 Apartments, Retail, Marina, Large Parking Deck Planned At Current Fuel Farm On Manufacturers Road

https://www.chattanoogan.com/2022/9/8/455475/722-Apartments-Retail-Marina-Large.aspx?utm_source=dlvr.it&utm_medium=facebook

 

A Nashville development group is planning a large number of residential units along with 52,000 square feet of ground level retail space on the North Shore.

Beacon Acquisition Group plans to take down the fuel tanks on 10.5 acres at 706-710 Manufacturers Road.

A six-story building with 722 apartments is planned at the site along with 1,342 of structured and ground level parking.

The site is to include a marina on the Tennessee River, a village green, and outdoor dining.

Looks like this passed the planning commission for re-zoning. https://drive.google.com/file/d/1FZZahbw68otU7QV9e1Mqv9OkY0um_FFd/view
 

plans- 

[smeagolsfree]

From Nashville Now Next

Chattanooga Puts The Southeast On Notice With 120+Acre Megaproject – The Bend. – Nashville Now Next

 

[MLBrumby]

It's an exciting development for downtown, which has just been buzzing with many projects.  I hope to get some more photos of downtown and that area sometime soon. I rarely go downtown, so I'll need to do so on a weekend day when I'm not committed to family matters.  

What that rendering doesn't show very well is there is a canal that will run through the main "spine" of the development. If you follow with your finger from the little waterfall into the river... move it to the left along that straight line to the other side of the street, there is a squarish-shaped area that looks like a commons area in this rendering. 

Here's a better rendering from the website linked above. 

Chattanooga also has a lot of large apartment buildings going up across the river along Manufacturers and the North Shore. I'll get some shots of those buildings too. 

Overall, for a city of 200,000 Chattanooga has an amazing amount of new construction going up. 

[MLBrumby]

Lexus of Chattanooga to relocate to Highway 153

Capital Toyota to take Lexus’ existing space

https://www.timesfreepress.com/news/2022/nov/04/lexus-of-chattanooga-to-relocate-tfp/

[MLBrumby]

350 apartments planned at GPS athletics fields on Hixson Pike

October 28, 2022 at 7:28 p.m.

Benjamin Pitts, a broker for Herman Walldorf Commercial Real Estate, said GPS sold the 18-acre parcel at Hixson Pike and Lupton Drive for $6.5 million to Chattanooga developers Lyons Capital Group and Pratt.

He said about 15 acres of the land, which GPS has held for about 20 years, is developable and some of it is "site ready."

https://www.timesfreepress.com/news/2022/oct/28/350-apartments-planned-at-gps-athletics-fields-on/

[MLBrumby]

New $102 million industrial park on old DuPont site lands first tenant

October 24, 2022 at 1:19 p.m.

The biggest new industrial park in Chattanooga since the Volkswagen site is under construction, and officials said Monday the former DuPont tract has landed a national retailer as its first tenant.

North River Commerce Center, which eventually will house 800,000 square feet of new space on Access Road, has leased 60,000 square feet in the first of four buildings, where officials gathered Monday to break ground on the parcel.

https://www.timesfreepress.com/news/2022/oct/24/new-102-million-industrial-park-on-old-dupont/

[MLBrumby]

$16 million road opens up Aetna Mountain for 1,200 homes, developers say

October 13, 2022 at 9:00 p.m. | Updated October 13, 2022 at 9:08 p.m.

Chattanooga officials and developers on Thursday marked the opening of a new $16 million road up Aetna Mountain, where about 1,200 homes are planned over the next decade.

Andy Stone, managing partner for the Black Creek development group, said the 2-mile artery that starts in the existing valley portion of the huge golf-course residential community is the first mountain road in Hamilton County built to modern safety standards.

"It took two and a half years to design and over two years to build," he told a group of nearly 50 people at a scenic overlook on the heavily wooded mountain with views into Lookout Valley and other parts of Chattanooga.

The road, River Gorge Drive, is "the umbilical cord" for the mountain as it provides access to water, sewer, gas, electricity and fiber optics, Stone said.

https://www.timesfreepress.com/news/2022/oct/13/16-million-road-opens-up-aetna-mountain-for-1200/

[MLBrumby]

Lookout Mountain resort touts progress, opportunities at town hall

Submitted by Scenic Land Company / Currently under construction and 50% completed, the Cloudland Lodge will bring 245 hotel rooms to the luxury McLemore resort on Lookout Mountain. The hotel is scheduled to open in early 2024.

For the first time in several years, executives from Lookout Mountain's McLemore luxury resort hosted a town hall to talk about the project's progress and opportunities for Walker County.

Duane Horton, president of Chattanooga-based Scenic Land Co., the project's developer, said McLemore is likely to result in $1 billion of development, including a 245-room hotel, two golf courses, conference center, million-dollar homes, restaurants and other amenities.

https://www.timesfreepress.com/news/2022/oct/12/lookout-mountain-resort-touts-progress/

[MidTenn1]

Some additional information I posted some time ago elsewhere.

 

 

 

 

[MLBrumby]

Thanks for posting, Pete. Nice to see you've resumed creating your cards, and for Chattanooga. I've enjoyed them in the past for Nashville. I hope you're enjoying our little city. 

[MidTenn1]

17 minutes ago, MLBrumby said:

Thanks for posting, Pete. Nice to see you've resumed creating your cards, and for Chattanooga. I've enjoyed them in the past for Nashville. I hope you're enjoying our little city. 

Chattanooga is the second-best city in America after my hometown of Nashville, so we are happy with it. Five of our six grandkids are here, and their parents need us, so there's that also. I'm developing a social network in the arts community and theater communities, also, so I am beginning to feel more at home.

[MLBrumby]

I agree about both cities and am glad you’re liking Chattanooga. You know that family is the most important thing. 

[smeagolsfree]

You guys can start your own forum meets now. 

[MLBrumby]

The booming East Brainerd area is getting more 'urban' (really suburban) style apartments at the Waterside development. 

Atlanta developer building 334 apartments on Gunbarrel Road in Chattanooga

January 21, 2023 at 12:00 p.m.

by Dave Flessner

https://www.timesfreepress.com/news/2023/jan/21/atlanta-developer-tfp/