Urban Story Ventures Invests $28 Million In State-Of-The-Art Class A Industrial Building

  • Tuesday, March 12, 2024
Final Riverport rendering
Final Riverport rendering
photo by Urban Story Ventures
Southeast real estate development group Urban Story Ventures plans to break ground this month on a state-of-the-art Class A industrial building. The $28 million Riverport development is an expansion situated on 19 acres within the Centre South Riverport Industrial Park located in the bustling industrial corridor along Amnicola Highway and the Tennessee River.

Officials said, "With a 3 percent industrial vacancy rate as of Q4 2023, Chattanooga's market for industrial employers is strong yet struggling to meet the demands of more businesses eyeing the Scenic City for their expansions and relocations."

Jimmy White, co-owner and developer of the Riverport property, says the new build is a solution to Chattanooga’s immediate need for more Class A industrial space.

“A decade ago, we made our first investments in the industrial market at a time when just about everyone else, including most financial institutions, turned away.
Several years and over a million and a half square feet later, we’re making another significant investment to attract one of Chattanooga’s next big employers,” said Mr. White.

Urban Story Ventures has recruited several industrial tenants to the market, such as Novonix, Lincoln Electric, HEF USA and Micronics at the Bend and Fortis Products, LLC, at Riverport, where the company is developing the 19 acres that stretch from the back of Fortis’ existing facility to the river.

“We purchased the Riverport site back in 2020 when Mahindra, who was manufacturing tractors, exited the market,” said Mr. White. “We leased a portion of the site to Fortis, which was looking to expand their modular wall system business.”

Officials said, "Fortis has over 60 employees today and brought in $9.6 million in sales last year. With their exponential growth in recent years and need to expand their footprint, Urban Story Ventures sold the space they previously leased, as well as the adjacent developed grounds, to Fortis’ owners at the end of 2023. The new Class A building construction will start where Fortis’ pavement ends."

Design highlights for the new industrial/flex facility include at least 185,000 square feet of light to heavy industrial or logistics space, potential for 40,000 square feet of mezzanine space, several loading docks, ample parking and gated entry. Lead partners include general contractor Grace Construction and architect Method Architecture.

The site sits within a major Southeast industrial corridor running along Amnicola Highway in Chattanooga. The new Riverport building is a part of the Centre South Riverport Industrial Park near the Southeastern Champion Tray $60 million expansion.

“Hamilton County continues to be a prime destination for dynamic employers to establish roots,” said Hamilton County Deputy Mayor of Economic and Community Development Cory Gearrin. “The Riverport development is in the heart of our community’s industrial corridor, and I commend Jimmy White and Urban Story Ventures for leveraging our county’s strengths and investing in this property to become home to Hamilton County’s next great employer.”

Officials said, "Urban Story Ventures is open to leasing the space to one or multiple tenants and is focused on prospects looking to expand their business or relocate from another market. With the Riverport expansion and recent acquisition of Arcade Beauty’s former Amnicola Highway property added to the existing portfolio, Urban Story Ventures continues to grow their footprint in Chattanooga, where they own or have developed several million square feet in the marketplace."

The groundbreaking ceremony is set to take place on Thursday, March 21 at 2 p.m. Contact https://urbanstoryventures.com/rsvp/ for event details.
Riverport property
Riverport property
photo by CoStar
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