First Tennessee Bank Building
The First Tennessee Building at 701 Market St. has been sold to Heriitage Land and Development, which plans to convert one half of the building to apartment homes.
First Tennessee will retain its space on four floors of the building, while plans are being made to turn the upper floors in the tower portion into apartments. When completed, each floor will have five apartments for a total of 64 new units to add into Chattanooga’s inventory.
First Tennessee Market President Jeff Jackson said, “We are extremely pleased that Heritage Land and Development has purchased the building we’ve called home for over 40 years. We’re excited about the attention to detail they provide on their projects and even more so to retain our presence downtown. We’re looking forward to turning new neighbors into customers.”
Renovation will begin in October in the bank’s space, followed by work on the upper floors. Apartments will be available in 2018; however, another Heritage Land and Development project will be ready by early spring 2017.
The Maclellan Building is also being turned into apartment homes by Heritage Land and Development. The Memphis-based firm purchased the building with an eye on turning 12 of the 13 floors into apartment homes with two units located in the penthouse. The building features a copper mansard roof with circular windows on the penthouse level.
Retail space will remain on the first floor with BB&T continuing to occupy much of the space.
John Glassell of Heritage Land and Development said, “We’re very bullish on Chattanooga and once complete, our investment in the city will be north of $40 million.
"We are not merchant developers – we do not 'flip' the projects once they reach occupancy. Rather we approach these as a long-term investment. As a result we spend more per unit since we have to maintain and lease the facilities over many years. We believe Chattanooga is a great place for such investments.”
Both the First Tennessee and Maclellan buildings will feature top-of-the-line amenities and technologies that will appeal to the lifestyles of young professionals.
“It’s our hope that residents of both buildings will be able to live, work and play within a short distance of their new homes. Whether biking to work, paddle boarding on the river or enjoying the Riverwalk, our residents will be in the center of everything Chattanooga has to offer,” said Mr. Glassell.
Maclellan Building