The CEO of Kronos Capital said the firm is withdrawing its current application for a tall building at 200 Market Street.
Nash Bowen said the firm will be in talks with the Cherry Street Townhomes in regard to future plans for the property at the corner of Aquarium Way (Second Street).
The application had been for up to 14 stories. The firm earlier said it wanted to construct a 12-story building. At the Planning Commission meeting on Monday, that request was lowered to six stories.
Kronos plans to move its headquarters to Chattanooga, it was stated.
Mr. Bowen said, "Please let this letter serve as formal notice of election to withdraw from Case No. 2025-0021 (rezoning request of 200 Market Street) by Kronos Capital. After careful consideration of the Regional Planning Agency (RPA) Staff Report and Order of Denial, it is clear that the best and only path forward is to withdraw, develop new plans with the five (5) person HOA board of the Cherry Street Townhomes, and re-submit if and when we are able to propose a plan that both is economically feasible and has the City’s full support.
"We have re-engaged in discussions with the Cherry Street HOA, and we are thankful for their willingness to work with us; they have afforded our team undeserved patience and grace, and we will do everything we can to ensure any plan we bring forward in the future regarding this 200 Market Street parcel complies with the reasonable wishes of our neighbors. We appreciate the patience, support, and consideration of all recipients of this letter, and we commit to improving our process to align with the City’s procedural standards.
"We are a young team, and albeit successful in our industries of expertise, we failed to check all of the procedural boxes on this request, and I am embarrassed and humbled by the results.
"I am a Chattanooga native that never thought I would have a reason to return after moving away to college in 2012. Returning to Chattanooga every weekend from law school in 2016 to see my now fiancé, Abbie, reignited my love for Chattanooga, and sent us on a nearly-decade-long mission of building a company that would have a global reach from a Chattanooga headquarters. Much of our business is in real estate and it is a dream of mine to dedicate our resources to having some portion of positive impact on this city. As such, it is vital that we do things correctly and in the spirit of Chattanooga’s wishes, and we appreciate you giving us a second opportunity to do so.
"We will resubmit if and when we have an economically feasible and community-supported plan."