The long-vacant Wheland Foundry and U.S. Pipe properties in South Chattanooga will be developed with "diverse housing types and innovate businesses," according to a website for a 141-acre development known as The Foundry.
The site says leasing opportunities are now available at the project to be developed by the WRS Real Estate Investment firm from Mount Pleasant, S.C.
The website says, "Plans for this unique 141-acre site envision a live, work and lifestyle destination serving as the gateway to the city of South Chattanooga.
"The project will embody principles of environmental responsibility including the adaptive reuse of distinctive historic buildings, diverse housing types, support Innovative businesses, and be aneconomic generator for the region.
"in addition, the open space plan will include passive and active public spaces that will create a new address on the Tennessee River that fully takes advantage of connections to Ross's Landing, the river walk, and nearby National Park lands."
A section of the Tennessee Riverwalk from Ross's Landing to St. Elmo opened last year through the Wheland/U.S. Pipe property.
WRS, which was launched in 2001, has developed over 30 anchored retail shopping centers covering over seven million square-feet of retail space.
Officials said, "With our company’s strong values, and our experience and reputation as our most important assets, our company has aided in the development of more than 100 additional retail projects encompassing more than ten million square-feet of retail space. Furthermore, we have assisted with office space projects comprised of more than 500,000 square-feet, as well as several significant hotel, entertainment and sports facility developments. Collectively, our executive team has more than 200 years of experience in the development industry, and we pride ourselves on upholding our reputation."
Mike Mallen of the local ownership group said, despite the website, no final plans have been approved.
He said, "We are currently engaged in limited and non-binding discussions with WRS, Inc. of Charleston, South Carolina primarily regarding retail components of a portion of the foundry site. We believe WRS is a very reputable and capable development group and that is why we are exploring certain development options with their leadership.
"We have not yet selected a Master developer.
"We have not yet arrived on a final master plan for the overall 141 acre development footprint.
"Any final decisions regarding a Master developer and a final master plan will be carefully considered and decided upon in concert with city and county governments and with appropriate community involvement in order to assure that the ultimate design, infrastructure, public space and utilization of the site serve the highest and best uses for our community.
"The only feasible path forward to appropriately develop a site of this location, size and scope is in partnership with local governments.
"As evidenced by our patience over the last 10 years (since we acquired the combined foundry sites), our willingness to dedicate land to the expanded Riverwalk, which is the crown jewel of our city, our cooperation with the Tennessee Department of transportation to enable interstate improvements on South Broad Street, and our willingness to preserve the beauty of the Tennessee River where it meets our site at the Tennessee River Gorge, we are going to continue to make very measured, deliberate and responsible decisions in order that the legacy of this site benefits our city for decades to come."