posted October 3, 2006
The Chattanooga Downtown Redevelopment Corporation approved two new major downtown residential projects on Tuesday afternoon.
The panel accepted a proposal for 120 residential rental units at Walnut and Second.
They also chose an $18 million townhouse project at Cherry Street across from the Cherry Street Townhomes.
Two local development groups were competing for the right to build the new townhouse project. The unanimous vote was for the plan by Urban Renaissance. It includes 14 units with 2,185 to 3,050 square feet selling from the mid-$500s to the high $700s and eight units with 3,276 to 3,766 square feet selling for from the low $800s to $1 million.
Chattanooga Land Company, which built the successful Cherry Street Townhomes, also put in a bid.
CDRC members said both projects were excellent, but the Urban Renaissance plan was for a project over $15 million compared to one under $10 million. They also noted that Urban Renaissance offered more for the land - $1,000,075 compared to $873,600.
The Urban Renaissance project will feature "architecture reminiscent of old urban neighborhoods with modern influences to blend the old and new of the Walnut Hill neighborhood."
All units will have a minumum of three bedrooms.
Heading that group are developers Dale Mabee, Don Moon and Mike Moon.
Members of the CDRC are City Finance Director Daisy Madison, Mayor's Chief of Staff Dan Johnson, City Councilwoman Sally Robinson, builder David Dalton and Julian Bell, director of pre-construction services for Signal Wind Energy, LLC.
Developers John K. Clark, David Hudson and Bob McKenzie are to build the 120 residential units at Walnut and Second. They are to include 88 studio apartments with 600 square feet, 24 one-bedroom units with 750 square feet and eight two-bedroom units with 950 square feet.
There would also be commercial space at the Walnut Street level as well as 135 parking spaces.
Officials said approximately 20 percent of the units will be affordable to those at 80 percent of medium income.
Design will be by ArtTech Design Group and construction by CEI.
The same group did Frazier Place, The Bread Factory, Bristol on Broadway, Perimeter Park, Lafolette Medical and Southern Saddlery.
The group had asked the city to donate the land for the $9.3 million project. The site is about two acres. However, Mr. Johnson said the land could not be donated. He and Mr. Dalton will work out terms and the payment schedule.
The site at Cherry and Third is a block now used by UnumProvident for surface parking. Most of the block will go for the townhouses, but a portion will be reserved for public parking
Mr. Bell said it was encouraging that there was a move of suburban developers to downtown residential projects.
Rich Hitchcock, a resident at the Cherry Street Townhomes, urged approval of the Chattanooga Land Company proposal. He said it included more affordable units and that was needed for a viable downtown.
Don Rodgers, another Cherry Street Townhomes resident, questioned whether developers would be able to sell the expensive townhomes. He noted there are a number of condo projects coming on line, including several in North Chattanooga.
Ms. Madison said the Urban Renaissance project should bring in about $100,000 more per year in taxes to the city than the one by Chattanooga Land Company.
Councilwoman Robinson said she would like to see both built. She said, "What's coming up next?"
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