Parking lot at Aquarium Way and Walnut
A parking lot at Aquarium Way (Second Street) and Walnut Street will go away as developers of Walnut Hill Townhomes complete their circle of the block that also stretches to Third Street and to Cherry Street.
The city's Chattanooga Redevelopment Corporation next Monday is set to consider a resolution on the Urban Renaissance Group exercising its option.
The group that includes Dale Mabee, Don Moon and Mike Moon is closing in on finishing the downtown luxury townhome project that was launched during the 2008 recession.
Mr.
Mabee said the group already has four reservations in hand on the final 11 townhomes that will be built on Walnut facing the Walnut Commons Apartments.
He said there will be two-story and three-story units with prices ranging from $750,000 to above $1 million.
Smaller units were built along Third Street after the initial spacious townhomes were constructed along Cherry from Third Street to Aquarium Way.
There will be no townhomes facing Aquarium Way.
The group is paying the city about $850,000 for the parking lot site. It earlier paid the city over $1 million for the rest of the property.
With the group exercising its option, Republic Parking will have notification that the site will no longer be in use as a parking lot.
Mr. Mabee said the group hopes to close on the purchase just after the first of the year.
He said, "Our timing may not have been so good at the start, but we have fared pretty well. We have a unique product - the only new townhomes downtown."
Walnut Hill Townhomes along Third Street