A global firm that plans to make Chattanooga its headquarters said it will proceed with a zoning change request that would allow it to build a 12-story building at the corner of Market Street and Aquarium Way (Second Street).
Nash Bowen, CEO of Kronos Capital, said the firm is no longer pursuing the site of the former 212 Market restaurant, but is moving ahead on 200 Market that includes a two-story brick building that started out as a candy shop.
Mr. Bowen addressed "Kronos Capital’s efforts in downtown Chattanooga, specifically concerning the rezoning of 200 Market Street to DCX-14 and our recent decision to pull out of contract on 212 Market Street."
He said, "After careful consideration of the Cherry Street neighbors’ view shed concerns, we have decided to withdraw our purchase contract, as well as our application for rezoning, on 212 Market St.
We are moving towards a swift closing on 200 Market St., and will be moving forward with our application to rezone 200 Market St. to DCX-14, with the hopes that we could still develop a 12-story building to serve the community while avoiding any inference with the Cherry Street neighbors’ views.
"In the meantime, we will be doing rehab on 200 Market St."
A request for a zoning change from D-SH-6 and D-RA-4 to D-CX-14 at 200 Market is set to go before the Planning Commission on Feb. 11 at 1 p.m. at the County Courthouse.
The application says, "Kronos Capital respectfully requests a rezoning of the property at 200 Market St. This rezoning is necessary to facilitate the development of an architecturally significant, 12-story, mixed-use building that will serve as a transformative addition to the downtown area.
"The proposed development will integrate luxury residential, commercial and cultural spaces to create a vibrant urban environment. At street level, the building will feature three upscale retail establishments and a public art gallery, designed to enhance the cultural fabric of the neighborhood.
"In addition, the project includes a coffee shop, a gym and spa, and Kronos Capital's corporate headquarters. The residential component comprises 120 high-end condominiums, offering residents unparalleled luxury and modern living.
"The building's crown will feature a top-floor fine dining restaurant with panoramic views of Chattanooga, complemented by a rooftop bar and cigar lounge. Residents and visitors alike will enjoy access to an exclusive rooftop pool and lounge area. Parking will be seamlessly integrated, with a garage providing capacity for 158 to 180 vehicles, ensuring both convenience and efficiency.
"Kronos Capital is committed to creating a landmark development that enriches the local community, elevates the city's skyline, and promotes long-term economic growth."
The site is 0.69 acre. An Indian restaurant currently operates there.
The 200 Market propery is currently owned by Narendra K. Madan and Shashi Madan of Hixson, and Curtis A. Revelette and Mason R. Revelette, of Franklin, Tn.