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UPDATED: Tax break OK'd for downtown Chattanooga apartments

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The Chattanooga Bank Building is located at the corner of Eighth and Market Streets in downtown Chattanooga. Photo by John Rawlston/Times Free Press The Chattanooga Bank Building is located at the corner of Eighth and Market Streets in downtown Chattanooga. Photo by John Rawlston/Times Free Press
CHATTANOOGA -

(Times Free Press) -- The landmark Chattanooga Bank Building downtown will be transformed into a 74-unit apartment complex after the City Council approved a tax break for the developers.

"There's such a demand for apartments downtown," said Kim White, president of River City Co.

The council voted 6-2 Tuesday night to allow a 12-year tax abatement for the new apartment development in the vacant office building at Eighth and Market streets. Taxes will still be paid on the property itself and also on retail and commercial developments going into the property.

Read more on the story from our news partners at the Chattanooga Times Free Press.

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