The building boom on Chattanooga’s North Shore hasn’t run out of powder.
A three-story building holding apartments and ground-floor commercial space is planned, a developer said Monday.
“A lot of people can’t afford condominiums,” said John Wise of Wise Construction Co.
Mr. Wise is to start construction on the 15-unit, $1.1 million complex within about two months. The building will go on the site of a closed transmission shop at Cherokee Boulevard and Minor Street.
Rick Lee, the project architect, told the North Shore Design Review Committee on Monday the foundation of the shop wasn’t suitable for that building to be incorporated into the new construction.
“A new structure will be built in its place,” he said.
Although a rent rate isn’t decided, Mr. Wise recently finished apartments on Cherokee Boulevard near Tubby’s which have one bedroom units renting for $750 a month and two bedrooms for $950, Mr. Lee said. He said interest there is better than he had hoped.
Mr. Lee said the new apartments will not have the metal outside finish that has drawn fire by some for its look. He said the outside of the new building will be brick and stucco.
The North Shore is undergoing a renaissance with an array of residential projects leading the way.
Among North Shore projects are:
* One North Shore — 203 condos
* BridgeView — 50 condos and a SunTrust Bank branch
* Terrace at Frazier — residential, office, retail and a CARTA garage with 300-plus spaces
* The Condos at River Street — 32 units planned at the old Fehn’s site.
A pair of developers earlier this year proposed building about 500 condominiums and townhouses on Stringer’s Ridge and later scrapped their plans amid concerns of overdevelopment.
Mr. Wise believes some North Shore condos are overpriced.
“Until the prices get lower, there is still a place for apartments,” he said.
The new apartments will take up 14,822 square feet, including balconies and stairs, and the building will hold six two-bedroom units and nine one-bedroom units, Mr. Lee said.
He said the developer is looking for a ground-floor tenant for the 2,800 square feet of commercial space.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...