Moon Says Walnut Hill Townhomes Will Eventually Cover Block

Monday, January 28, 2013
New townhomes going up along Fourth Street at the Walnut Hill Townhomes
New townhomes going up along Fourth Street at the Walnut Hill Townhomes

Developer Mike Moon told members of the Chattanooga Redevelopment Corporation on Monday that the Walnut Hill Townhomes will eventually cover all of the block bounded by Walnut and Cherry streets and Third and Second (Aquarium Way) streets. 

That includes a surface parking lot now owned by the city at the corner of Walnut and Aquarium Way, he said.

Meanwhile, the CDRC gave approval for a city parking official to stripe the lot and begin charging $3 per day for parking.

There was discussion of leaving about 20 percent of the 88 spaces for use by hospitality workers at a rate of $15 or $20 per month. There was a question on whether the city can legally give the price break to one group.

That lot is largely used currently by downtown servers and hotel workers.

Another nearby space that provided free parking was lost when work started on a four-story apartment complex at Walnut and Aquarium Way running to Riverfront Parkway.

Mr. Moon said Walnut Hill Townhomes was supposed to have been built out much earlier. He said, "We had a time schedule based on the high point in local real estate development. Then we hit the low point in local real estate development."

Julian Bell of the CDRC said, "I admire you for sticking with it. Someone else might have walked away."

Mr. Moon said units have been built as new ones were sold. Two townhomes along Fourth Street are under construction with one of those sold.

He said only two remain unsold along Cherry Street and one is due to close on Feb. 25.





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