posted August 13, 2008
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Officials of John Dixon Auction said, "The owner, who lives out-of-town, is dissolving a partnership and must have a closing on the property this year. His intention is to sell this property at any reasonable price.
"He understands that he may not get the last dollar and may have to take a considerable loss in order to effect the closing of this property."
The auction includes 31,000 square feet of space - the entire second floor, along with 31 parking spaces in the adjoining parking facility.
John Dixon officials said, "The original Loveman’s Department Store was constructed in 1897 and after almost 100 years of service to Chattanooga and surrounding communities, the store closed in the mid 1980s. Since that time, the ground floor has been taken over by a successful and progressive financial institution while the third, fourth and fifth floors and the penthouse floor are filled with residential luxury condominiums.
"Only the second floor remains for development which is a large 31,000± square foot area that is easily convertible. It could be a great location for offices, retail or any type operation that needs to be in the hub of downtown. With the purchase of the space, the owner will also be acquiring the rights to 31 parking spaces in the adjoining parking facility. This is a real plus since parking is at a premium downtown, especially at this location."
The auction is set for 6 p.m.
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