In the heart of Chattanooga's innovation district, an historic high-rise apartment complex has a new owner who plans to both improve the structure and preserve it for affordable housing for low-income, senior and physically or mentally challenged tenants.

A San Francisco-based housing investment company bought the 110-year-old Patten Towers for $14.2 million this month and is preparing to spend millions of dollars to renovate the 11-story former hotel.

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