News Summary
Chattanooga is set to welcome a new mixed-use building on East M.L. King Boulevard, featuring 18 apartments and commercial space. The project aims to alleviate the housing shortage for residents, particularly college students, and will enhance the local community’s vibrancy with walkable access to amenities. Parking solutions and potential business opportunities further support this exciting development, slated for completion by summer 2025.
Exciting New Development Set to Spruce Up Chattanooga’s East Side!
Chattanooga is about to experience a significant shift in its real estate landscape with an exciting new mixed-use building coming to East M.L. King Boulevard. This development is not just about bricks and mortar; it aims to address the urgent housing shortage that many residents, especially college students, have been grappling with.
A Closer Look at the Project
The anticipated development will offer 18 brand new apartments, along with a commercial space on the ground floor. It’s perfectly situated right next to Olivet Baptist Church, adjacent to Uncle Larry’s, and directly across from the bustling University of Tennessee at Chattanooga campus. This prime location is bound to attract not just students looking for convenience but also young professionals who want to be close to the action.
Meeting Community Needs
Residents are buzzing with excitement as Patrick McNeil, the CFO of Wise Properties, reveals the high demand for housing options in this area. Currently, Chattanooga faces a significant challenge, with approximately 14,000 fewer one-bedroom units than the number of single-person households in the city. This indicates a notable need for smaller apartments that can accommodate individuals looking to live independently.
What to Expect Inside
Each apartment unit in this new building will range from about 550 to 650 square feet, providing cozy living spaces while maximizing usefulness. The apartments will be available for rent at market rates, which will be confirmed as construction wraps up. Notably, the building’s height will measure in at 39 feet, just a foot shy of the maximum limit, ensuring it falls within city regulations.
Parking and Accessibility
One of the critical factors for any successful residential building is ample parking, and the developers are on top of this. An agreement is in place with Olivet Baptist Church to provide dedicated parking spots for residents. For those who prefer street parking, there’s additional free parking available right in front of the building, and a UTC parking lot is conveniently located just across the street.
Walkability is Key
What makes this location even better is its excellent walkability. Residents will find it easy to get around without needing a car, which not only supports a healthier lifestyle but also enhances the building’s marketability. Whether it’s a stroll to class or grabbing a bite to eat, everything will be within reach.
Business Potential Awaits
On the commercial front, while a tenant has yet to be secured for the ground-floor space, the options are plentiful. There’s potential for it to transform into a charming bar or a cozy restaurant, complete with a small courtyard that enables outdoor seating—a perfect addition for those seeking a casual social scene. To further enhance its appeal, the commercial space will feature garage-style rolling windows, allowing for flexibility in business operations.
Broader Development Trends
This project is part of a larger trend towards increasing mixed-use properties along M.L. King Boulevard. As this area becomes more attractive to investors, interest in developing new businesses is on the rise. Similar development efforts are already underway along Main Street, further enhancing Chattanooga’s downtown area.
Looking Ahead
Construction on this new building is scheduled to wrap up by summer 2025, with pre-leasing opportunities available even before the project is completed. This development is not just a necessary response to a growing need but also a step towards revitalizing the community and providing a range of housing and commercial options that everyone can enjoy. Keep an eye on this project, as it promises to be a game-changer for Chattanooga!
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Times Free Press: 144 Unit Project Planned on Boynton Drive
- Local 3 News: City of Chattanooga Launches New Affordable Housing Payment Program
- Times Free Press: New Chattanooga Housing Fund Aims to Spur Development
- Wikipedia: Affordable Housing
- News Channel 9: Chattanooga Breaks Ground on Major Housing Overhaul
- Encyclopedia Britannica: Housing
