CHATTANOOGA, Tenn. (WDEF) — New apartments and commercial space are expected to soon go up in downtown Chattanooga.
Plans are in place for this 4th Street parking lot to be turned into apartments, with a parking structure and some commercial space.
It is being developed by the Beach Company, which is out of South Carolina. Zoning notice signs are placed around the property.
“There is a rezoning piece, but really it is for in access to the parking garage and that is it. So it is a project that fits very well into downtown’s four based code structure,” said Amy Donahue, with River City Company.
Donahue says this will add energy to the area.
“We are excited that that block is going to be developed and you will get that feel walking by on fourth street, but also a really incredible opportunity to live in downtown,” Donahue said.
Last year, River City did a study that looked at the parking infrastructure in downtown Chattanooga. They looked at the number of parking spots and how often they are being utilized.
“What we found out is the lot that is being developed was only used at about 30 percent capacity at any given time. That was the max, 30 percent. So really that is not a great use of the land and the development there,” Donahue said.
Developers say the plan is for there to be more than 160 rental units and 16 thousand square feet of commercial space. Donahue feels this is exactly what belongs in this area.
“It is a real gateway and so we are very excited that this project is going to be on that lot. It is going to add a lot of interest on that major gateway,” Donahue said.
Developers say construction is expected to start next summer and will take two years.