Staff Photo by John Rawlston
Pictured in one of the downstairs retail spaces of the Terrace at Frazier are Jill Kisling, left, who handles residential sales, and Mike Fullam, who handles commercial and retail leasing at the new North Chattanooga development.
Much of the work on developer Jimmy Hudson’s Terrace at Frazier has wrapped up, and in addition to new condos, the four-story building also will bring close to 30,000 square feet of commercial space to North Chattanooga.
The building’s shell has been completed, but how the inside will be built out depends on the tenant, said Mike Fullam of Grubb & Ellis/Hudson.
Mr. Hudson said his project offers an opportunity seldom seen in Chattanooga and especially the North Shore. Residents and tenants can work or live and do countless other activities all from one place, he said.
“Where else do you find the opportunity to walk to a park and the amenities of downtown, and at the same time be in a small neighborhood?” he said.
The mixed-use project is unique because of its proximity to a three-story, 370-space parking garage owned by CARTA. The second and third floors are available to the public at a rate of $1 for two hours, less than $5 for the day or $15 for the month. Residents and tenants of the building will have assigned spaces in the garage, which also serves as the turnaround for the CARTA shuttle.
The 65,000-square-foot building joins a strip of boutiques, salons and restaurants along a stretch of Frazier Avenue about a quarter-mile long. The first floor has about 13,000-square-feet of retail space with about 9,000 available for lease with frontage along Frazier.
Mr. Fullam, who is handling the commercial sales at the Terrace at Frazier, said he envisions high-end shops locating in the building, but said so far he has no formal commitments. The building is capable of having a dentist or some type of medical office, but because of design limitations the space would not be suitable for a restaurant, he said.
Tina Harrison, owner of gift shop Blueskies on Frazier, champions the addition of retail in the North Shore.
“I’m always in favor of clusters of retail,” she said, adding that more businesses in one spot can only add to the traffic through the area.
Mr. Hudson’s project sits at the corner of Frazier and Tremont adjacent to a Mr. Zip gas station and has condos on the third floor with 12,000 square feet of penthouse space of the fourth floor. The penthouse sells for between $370 and $400 a square foot and can be divided to accommodate the owner’s needs.
The building’s second floor has about 15,000-square feet of office condos that can be leased or purchased according to a tenant’s needs, Mr. Fullam said. That space is available for sale for between $195 and $225 a square foot.
Regions Bank already has leased more than 4,500 square feet of space on the first floor, and will have an ATM and a drive-through.
Construction is expected to begin in January with the branch opening in the second quarter of 2009, according to officials at Regions.