Erlanger Sells Chattanooga Lifestyle Center On Market Street, Ooltewah Office Building

Wednesday, June 11, 2014

The Erlanger Health System Board,, at a special called meeting Tuesday night,, approved the sale of the Chattanooga Lifestyle Center at 325 Market St. and Erlanger's office building on Apison Pike.

Both facilities are being sold to the Noon Development LLC investment group.

The Lifestyle Center, which at one time was the old Newton Chevrolet, is being sold for $4.8 million.

The Ooltewah building, which had been identified as a non-performing asset, is under contract to sell for $625,000, with an additional $518,000 from the state.

Officials said, "Earlier this year, Erlanger President and CEO Kevin Spiegel announced several cost-cutting and strategic initiatives that would enable the health system to operate more efficiently and effectively.  Included in those plans was the sale of several non-performing assets."

CFO Britt Tabor told trustees that the Ooltewah building had been identified as a non-performing asset and presented an opportunity to convert the building to cash as a reinvestment to the health system.

The objective in putting the Chattanooga Lifestyle Center on the market was to eliminate the debt associated with the building, and forego operating expenses associated with its ongoing maintenance, it was stated.

Mr. Tabor said this transaction will eliminate the negative cash flow associated with the building, and result in a savings of more than $100,000 a month.

Upcoming City Council Agenda For Tuesday

Here is the upcoming City Council agenda for Tuesday: I. Call to Order. II. Pledge of Allegiance/Invocation (Councilman Freeman). III. Minute Approval. IV. Special Presentation. “2015 World AIDS Day” By Council for HIV/AIDS Care and Prevention V. Ordinances – Final Reading: PLANNING a. 2015-124 Belle Investment Company and BYD Cowart, GP (Lift Condition). ... (click for more)

PHOTOS: Unveiling Of The EPB Holiday Windows

The time-honored Chattanooga tradition of EPB’s downtown holiday windows feature the themes of “Chattanooga Strong” and other beloved holiday stories. For the second year, STEM School Chattanooga students have assisted EPB’s “elves” to develop the themes and create the scenes that attract thousands of local and visiting families each holiday season. The Chattanooga Girls’ Choir ... (click for more)

An Extra Helping Of Gratitude

After being thankful for the grace of God, my family and good health, this year I have an extra helping of gratitude to live in a special place called Chattanooga.   We endured the trauma of terrorism on July 16 and emerged more united and stronger than ever before.  We claim our heritage and celebrate our diversity like no other city in America.  We honor our ... (click for more)

Roy Exum: Cometh ‘The Black Dog’

I am one of 350 million people in the world who suffers from clinical depression. The doctors trace it back to my first decade of the 21 st century when constant surgeries and infections knocked me loopy but the more I have found, I believe I am more like Sir Winston Churchill, Abraham Lincoln and pro football star Terry Bradshaw – I think I have had it all my life. Today it ... (click for more)

Heights Point Guard Alexander Commits To Florida

(Story will be updated) Hamilton Heights point guard Shai Alexander, who scored 18 points in the Hawks’ win over Central Park on Tuesday, made a recruiting trip to the University of Florida on Wednesday and announced Friday that he has made a verbal to coach Mike White’s Gators. Alexander later Friday night scored 10 points and dished out eight assists in helping the ... (click for more)

UTC Hosts Fordham Saturday in FCS Football Playoffs

Armed with arguably the best running back in the FCS nation, a talented Fordham football team (9-2)  comes to Chattanooga Saturday to face the UTC Mocs (8-3) at Finley Stadium at 1 p.m. in a first round FCS playoff game.   Chattanooga won the Southern Conference’s automatic bid with a 6-1 league mark and an 8-3 overall record while  Fordham finished ... (click for more)