Local brothers buy "Gold Building"; hopes of brighter future
Eyewitness News Reporter
Chattanooga, TN (WRCB) -- The future of the "Gold Building" downtown just got a little brighter. The vacant building now has a new owner with big plans.
David both Ken and Byron DeFoor are proud Chattanoogans. They know what downtown used to be like, and they love that they're now a part of what it's become.
"We just think, I mean you can look at it, it's pretty special," Ken DeFoor said.
Special for several reasons. Designed by one of the nation's top architects, John Portman, it's nearly impossible to miss off Highway 27. And when the sun hits it just right, it's almost impossible to look away from.
New owners, Byron and Ken see huge potential in the 180,00 square foot cornerstone.
"The potential here is big, with this type of building, and the shape that it's in," Ken.
DeFoor said the options to fill the space are almost endless. The brothers have been in the real-estate business for 20 years, focusing mainly on office space.
Kim White of River City Company says it's a great space for retail, housing or a big time business. "It does give us the potential to have a very large company there, and what better iconic building could you be in."
The proud owner of that iconic building has no timetable on a decision, but says when a decision is made, it will be the right one.
Ken said, "it's just incredible to think what has happened, compared to where this city was 25-30 years ago. I think this building will fit, it will continue to be a landmark building in this town."
We asked him what he sees moving in his new building. All his answers ended with the same result, more jobs in Chattanooga.
"There's a lot of options, jobs would come, jobs would come," said Ken.
The brothers paid $6 million for the building, which is well off the $10 million asking price. They said the price was too good to pass.