Hotel, 300-Unit Multi-Family Project To Be Built Near Stadium

A hotel and a 300-unit multi-family project are just some of the developments on the drawing board near the planned Southside Stadium, master planner Jim Irwin said Monday.

Mr. Irwin told members of the city and county Bond Boards - holding a joint meeting - that S9 Architecture of New York is drawing up plans for the multi-family project to be just outside the new field for the Chattanooga Lookouts.

He said work on that project will begin the same time as the stadium construction at the Wheland Foundry/Lookout Pipe site. Stadium construction is expected to take 18-24 months.

Mr. Irwin unveiled renditions of the multi-family project as well as new views of the "community" stadium. He said design work is complete on the stadium, while parties involved still finalize the complicated financing scheme.

The two boards approved amendments to economic and interlocal agreements dealing with the stadium.

Lee Brouner, county finance director, said the county is on board as long as a development agreement is in place detailing multiple developments that will fuel the TIF fund with new taxes and not leave the city and county holding the bag.

The city and county are jointly backing $80 million in bonds, while the city is involved in use of some of its revenues, including TIF funds and hotel/motel taxes, on much of the rest.

The Lookouts are to provide $3 million toward the construction.

The club will backstop $16 million also needed as costs of the stadium went up, while property owners, Perimeter Development, are backing $10 million. Those would only be called if TIF revenues were short.

Mr. Irwin said many people see "an eyesore" when they look at the site of rusty buildings, but he said he sees a thing of beauty. He said the collection of old industrial buildings when repurposed will make a dramatic backdrop for the stadium.

He joked that the Lookouts will hold an advantage as opposing batters will be awed by the outfield scene. 

Mr. Irwin said some of the masonry on the still-standing buildings is of a type no longer seen.

The developer of major projects in Atlanta and Nashville around old buildings said the location just below a looming Lookout Mountain is a one-of-a-kind site.

He cited Camden Yards at Baltimore as another ball field built around historic buildings.

Bill Payne, city chief engineer, said the city has reached an agreement with TDEC regarding the brownfield site. He said a number of drillings have taken place and "essentially we are dealing with foundry sand."

A traffic study is underway.