A breakfast meeting held to publicize a pair of new multi-million dollar mixed-use developments drew a near capacity crowd to the Chattanoogan's two main ballrooms Thursday.
"Chattanooga now has ... a vibrant, vital and attractive downtown," RiverCity Company President Paul Brock said during his introductory remarks. "This is a unique opportunity ... and we are proud to be a part of it."
Mr. Brock then briefly described Parkview, the first phase of Mansion Bluffs, one of two upscale developments the private non-profit is developing in conjunction with the city and the Windsor Aughtry Company of Greenville, South Carolina.
Mr. Brock then turned the proceedings over to Parkview developer Al Hagood, who spoke only briefly before introducing Bob Leonardi, who is responsible for marketing the multi-phase project.
"This is something that's completely new to the Chattanooga market," Mr. Leonardi said of plans to sell the first 75 Parkview residential units at public auction on May 16. "Auctions aren't just for distressed properties anymore."
Mr. Leonardi, who has worked with Windsor Autry on similar auctions since 2002, said buyers tend to like the public auction method because all participants are on an even playing field and the market sets the price.
"All the answers come together in a 30 day marketing campaign," he said of the eventual selling prices of the new homes underway near the Hunter Museum.
Mr. Leonardi said minimum opening bids for the brand new homes will range from $95,000 up to $297,500 and beyond. Studios and loft designs will be offered, as well as townhouses, garden flats, courtyard residences, luxury penthouses, and unique units specially designed for living and work space
"These contracts are fully assignable, which means they can be conveyed (to a new owner or owners) by the purchaser at any point in the process," Mr. Leonardi said. "This is an opportunity ... for speculators ... that will likely increase in value."
Realtor Margaret Thompson of the Fletcher Bright Company then gave a brief presentation on One Northshore, a similarly upscale mixed-use development planned for Manufacturers Road. She said 73 of 200 units are already under contract.
"Chattanooga's overwhelming positive response to One North Shore has been wonderful," she said. "We are offering buyers a community ... within walking distance of the new Renaissance Park ... and we are committed to building a quality product."
The first of three buildings planned for the project will include approximately 15,000 square feet of retail space on the ground floor. One, two, and three-bedroom units are priced from $167,900 to $300,000 and up. Select units will feature views of downtown and the Tennessee River, and all will include hardwoods floors, designer kitchens with solid surface countertops and stainless steel appliances. Ms. Thompson cited covered and controlled access parking and close proximity to a planned new grocery store as additional draws for prospective buyers.
"Residents will enjoy an onsite fitness center, resort-style swimming pool and lodge-style clubhouse," she said. "And the announcement of a new Green Life Grocery means the market will be just a short walk away."
The event was sponsored by the Chattanooga Downtown Partnership. Executive Director Carla Pritchard introduced a new television commercial promoting the first annual TaleSpin Festival, a major storytelling event featuring national and regional tellers that will be held in downtown Chattanooga from May 12 through May 14. A complimentary continental breakfast was sponsored by Regions Bank, with numerous local real estate professionals in attendance.
More information on the Parkview project is available at http://www.museumbluffs.com on the Worldwide Web. Realtor Darlene Brown of RealtyCenter GMAC is the local contact for prospective bidders. She may be reached at 423-899-5943 during regular business hours or directly via cell phone at 423-595-0943 nights and weekends. More information is also available by calling the Museum Bluffs marketing office toll free at 1-800-576-7653.
Construction of Phase One of One North Shore is scheduled to begin in late 2006. Ms. Thompson, who is representing One North Shore along with her Fletcher Bright colleagues Ellen Brooks and Darian Woolbright, may be contacted at the development's onsite office at (423) 752-3211 or directly via cell phone at (423) 991-9901. Readers may learn more and view available units at http://www.fletcherbright.com.