A mixed use development is being planned on 45 acres at Alton Park that is to include both residential and commercial spaces.
Developers Rocky Chambers and Jim Lea said there will be "very diverse" housing options, including units from $180,000 to $600,000. There will also be spaces for small businesses.
Former City Councilman Chris Anderson called it "the best thing to happen to Alton Park in a generation."
Mr. Lea, who earlier led in setting up a conservation easement on Hawkins Ridge that separates Alton Park from St. Elmo, said the project will include a trailhead to provide access to the ridge.
Mr. Chambers said the project includes "taking down blighted industrial buildings" and putting in their place "high end to moderately priced" residential units.
The site was formerly Key-James Brick and Acme Brick.
Officials said it represents the first large-scale residential development in Alton Park in decades.
Mr. Chambers said, "It's a rare project to have this much good associated with it."
The project is by Thousand Hills Company, a Chattanooga-based development company
The property was acquired in March.
Maria Noel, president of the South Chattanooga Community Association, said, “This mixed-use development transforms a former manufacturing, overgrown and blighted area, into a family-friendly community of market-rate homes, townhomes, apartments, hiking trails, recreational areas and retail space.
“It opens the door for current, former and future residents to be part of a growing, thriving community just blocks away from Lookout Mountain, the baseball stadium and other major development.”
Officials said, "Adjacent to Hawkins Ridge, the site will feature a balanced blend of detached homes and townhomes, clustered in pockets facing an assortment of parks, promenades and woodland preserves all interconnected via a vast network of trails."
Mr. Lea said, “Too many communities are homogenous. One lot type, one buyer type, one demographic. We believe that having a diverse housing product and diverse price points will cultivate a beautiful and unique mix of buyers in various price points, stages of life and backgrounds.”
Council Chair Raquetta Dotley was quoted as saying, “These types of developments have the opportunity to give entrepreneurial access to local small businesses, offer a variety of housing types at a variety of price points to Chattanoogans and to cultivate a sense of community among residents.
“The South Chattanooga community is one of the most under-invested and under-resourced communities in the city. The Alton Park Master Plan is well over 20 years old and residents in the community have seen little to no implementation of what they envisioned over two decades ago. The Acme Brick/Key James site development has the potential to be the catalyst this community has advocated for all these years.”
The Planning Commission on Monday approved rezoning from M-1 to C-3.