Parkway Towers building sits untouched by developers seven years - WRCBtv.com | Chattanooga News, Weather & Sports

Parkway Towers building sits untouched by developers seven years later

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CHATTANOOGA, TN (WRCB) -  The Parkway Towers building still stands, but in serious disrepair, the windows are broken and graffiti covers the brick.

A fence now surrounds the property but neighbors over at Finley Stadium say that doesn't keep people out who are looking for shelter.

"We were having break-ins in our concession stands," said Paul Smith, "And there was a man and woman living in it."
    
Paul Smith, the Executive Director of The Stadium Corporation, found out the hard way the fence surrounding the neighboring building isn't keeping anyone out who wants to get in.

"They'd shimmy the fence and crawl through the hole in the front door and be up in that top floor," Smith said.
    
Smith called police and the squatters were kicked out. but the privately-owned abandoned building remains.

"It's just a little island of ugly," smith said,  "in front of you know, the beautiful facility."
    
Smith says after years of growth at Finley Stadium and other South side businesses, he's ready to see change come to the Parkway Towers building.

"People have compared this building to the barge on the river," Smith said, "Why can't the city do something about it?"
    
Chattanooga's city code enforcement cited the owners at Parkway Towers Development Inc. for overgrowth and not maintaining a safe exterior structure.
    
But that doesn't mean the building is no longer for sale.

"It can be sold, however it's a requirement that the seller notify the purchaser of all the pending code violations," said Donna Casteel, Chief Code Enforcement Inspector.
    
It's up to the property owners to make repairs or plans for demolition.

Casteel says the city has the power to demolish commercial property but it doesn't happen often.

"Generally not so much because the cost is so exorbitant on our budget," Casteel said.
    
The current property assessment shows the location of the land is actually worth more than the building itself. The current building value is $204,900 and the land value is $235,100.    
    
Those numbers tell Smith there's an opportunity for a successful business next door.

"Somebody needs to come in, or we hope somebody comes in, an develops it," Smith said.

Parkway Towers Development Inc. owns the building.
    
Maurice Kadosh is named as the current owner and our calls to him on whether or not there are any plans to sell or renovate the property have not yet been returned.


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