• 88 - New two- and three-bedroom apartments in the new Alton Place Apartments.
• $495 to $695 - Monthly rental rates
• $6 million - Investment in building new Alton Place Apartments
Find out more
• Leasing information is available at 423-822-5100
• View project details at www.altonplaceapts.com
The newest housing addition to Alton Park is taking longer to finish than developers first planned, but backers of the 88-unit apartment complex insist it will provide needed rental housing when it is ready for occupancy next month.
Some neighbors are not yet convinced, however.
Alton Place Apartments is a $6 million complex at 3400 Chandler Place that should be ready for occupancy by late October. Aided by federal tax credits, the project will offer two-bedroom, 891-square-foot apartments starting at $495 a month and three-bedroom 1,242-square-foot apartments for $695 a month.
"Chattanooga is a strong market and there is a lot of interest in these apartments," said Steve Allen, president of the real estate management firm Fourmidable, which is now leasing the complex. "We think the proximity of Alton Place to schools, work, shopping, entertainment and leisure activities make it ideal for young professionals or families looking to live in the city,"
But some neighbors to the new apartments who bought nearby homes wish the new development included single-family homes, rather than low-cost rental housing.
"Some people fear there will be more deterioration than appreciation of their home values," said Aubrey Fritz, president of the Alton Park Villages Homeowners Association.
Alton Park Villages, located next to the new Alton Place Apartments, includes only 44 of the originally promised 108 homes, Fritz said.
"There are still concerns among many because even though the developers say these will be high-end apartments, we're not sure what the apartments will be and who will end up renting them," he said. "I'm staying in the area and working to make it better, but we can only wait and see what happens."
The new apartments, which are owned by H&H Residential Development of Pleasantville, Tenn., still are being built by Bacar Constructors of Nashville. The units originally were scheduled to be complete by now. But builders say it probably will take until mid-October to get all of the apartments and amenities ready for occupancy.
Allen said last month the complex already was about 20 percent leased. The apartments are grouped in five, energy-efficient buildings; the complex also includes a swimming pool and exercise facilities.
Fourmidable, a Bingham Farms, Mich.-based real estate management company that manages about 9,000 apartments nationwide, also manages Cummings Place Apartments and Dogwood Apartments in Chattanooga.
Contact Dave Flessner at email@example.com or at 757-6340.