Ten-story multi-use building breaking ground on Market Street today
A new ten story building is set to go up on Market Street, Tuesday is the groundbreaking. The Simpson Organization will use the building for residential and commercial development and the $28 million dollar investment will be one of the largest in recent downtown history.
A new ten-story building is set to go up on Market Street with the official groundbreaking scheduled for Tuesday.
The Simpson Organization will use the building for residential and commercial development and the $28 million dollar investment will be one of the largest in recent downtown history.
City officials say the open space will quickly transform into one of the hottest spots in downtown Chattanooga.
"This development has been 15 years in the making," said Kim White, CEO River City Company. "We think it's one of the most key pieces of property in the city. It really provides a connection between the North Shore and the Southside.
River City Company President Kim White says the mixed-used building going up will make Chattanooga history.
"For us to have a 10 story structure in downtown, I can't tell you the last time we had a new development like that," said White.
The property has been vacant since early 2000. White says the lot generates $14,000 dollars a year in property tax revenue. Once complete, the property will bring in $300,000 dollars a year. The plan is to put restaurants and retail shopping on the first floor,
20,000 sq. ft for commercial office space on the second, a parking garage connected to the SunTrust building on the third floor with 125 apartments levels 4 through 10.
"It means good restaurants, good retail," said White. "It means this part of town which really right now after 5 o'clock is pretty dead, you're going to see a hub of activity just like you do on the Southside."
White says renting one of the apartments will cost between $775 and $825 a month. Neighboring businesses plan to give a neighboring alley a face-lift too.
You can say good bye to the graffiti and hello to stringed lights, out-door seating and alley shopping too. Construction is expected to last about 16-18 months.
The ground-breaking ceremony will be held at 728 Market Street at 2:00 p.m. River City Company along with Mayor Andy Berke, Mayor Jim Coppinger and
The Simpson Organization are expected to be there. River City is working to secure popular businesses to fill the space. No business names have been release yet.