posted May 5, 2003
The Lyndhurst Foundation, in partnership with Chattanooga Neighborhood Enterprise (CNE), has formed MLK Tomorrow, an initiative designed to generate market rate residential development in the Historic ML King District, officials said.
MLK Tomorrow has a goal of developing and influencing the renovation and construction of 100 housing units in the MLK neighborhood by May 2005. The boundaries of the district are McCallie Avenue, Central Avenue, 11th Street and Georgia Avenue.
In December of last year, Lyndhurst commissioned a housing study to determine the demand for market rate housing in the downtown area, more specifically in the ML King District. Over 50 attendees participated in focus group sessions. In part, the group indicated its desire for:
- A sense of place
- Amenities such as parks and other green spaces
- Connection with University
- Economic and ethnic diversity
- Wide range of architecture and housing types
- Wide range of housing prices
- Sense of safety and security (reduced speed on MLK Blvd.)
- Restaurants and retail options
As a result, MLK Tomorrow housing options will include single-family houses, lofts and townhouses. Small pocket parks, a large central park, a greenway, beautiful streetscaping and a new elementary school are just a few of the amenities that will be available within the neighborhood.
New Neighborhood Amenities:
Whiteside Park
The land adjacent to Whiteside Faith Manor is scheduled to become a beautifully designed public park. This large passive park will become the natural gathering place for residents and is viewed by many as the new center of the neighborhood.
University Greenway
The University Greenway is under design currently and will feature a mile long pedestrian path connecting the neighborhood through the University campus and to the River Park.
Brown Academy for Classical Studies
Brown Academy actively engages students in establishing a strong foundation for all future learning through the principles of Classical education. Brown Academy features state of the art music and art rooms. With its convenient location near the UTC campus, students have access to the university swimming pool, gym, art studios, engineering labs, and science labs.
Housing Options:
By May of this year, MLK Tomorrow will have 10 single-family houses available for sale at prices that range from $100,000 - $250,000, many of which will include financial incentives available to qualified buyers. Two single-family houses are presently under contract.
In addition to the availability of these 10 renovated houses, 6 newly constructed homes are being offered by Chattanooga Urban Development Co., LLC., a private residential developer.
Homes at 10th & Park
Modeled after turn-of-the-century homes and 1920's bungalows, the homes at 10th and Park offer a traditional neighborhood feel with every modern amenity. Private courtyards and balconies are thoughtfully incorporated into the design of each home. This retreat setting offers a unique option for those who also value the convenience of being blocks from the university and downtown. Four of the six houses are under contract.
Park Place School
The former site of Park Place School has been purchased by the Urban League and will undergo extensive renovation that will result in a beautiful and architecturally significant structure. The Urban League plans to convert the building into a mixed-used facility that will house its organization, along with premier housing options. The site is over 30,000 square feet in size.
MLK Townhouses and Condos
This development will consist of 22 condominium units that range in types from single-story open concept lofts to two-story townhouses. Features and amenities will include brick interior walls, high ceilings, concrete and hardwood flooring, public terrace and underground parking. Start of the development is scheduled for this summer.
Available Financial Incentives:
MLK Tomorrow Buyer Incentive
Many of the houses initially renovated or constructed by MLK Tomorrow will include financial incentives designed to encourage buyers to make a commitment to live in the neighborhood. These incentives effectively reduce the price of home ownership, making it a more feasible financial option for many.
UTC “Live Near Your Work” Incentive
Full-time faculty and staff of UTC are eligible for a $15,000 housing incentive for homes purchased in the ML King District. Qualified buyers may use funds for down payment assistance, closing costs, prepaid expenses, first year renovation costs and private mortgage insurance.
Chattanooga Teacher Next Door Incentive
This initiative, supported by a partnership with CNE, The Community Education Alliance, the City’s Neighborhood Services agency, the Community Impact Fund and other private donors, provides significant assistance to teachers who purchase homes in one of the urban core neighborhoods. The ML King District is one of 9 qualifying neighborhoods.
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