Business Briefs: Developer buys waterfront site

Business Briefs: Developer buys waterfront site

January 30th, 2014 by Associated Press and Staff Report in Business Around the Region

Developer buys waterfront site

Evergreen Real Estate has finalized the purchase of an 11-acre waterfront site in downtown Chattanooga to construct one of the largest residential communities to date on the waterfront.

Commonly known as the former Vulcan Materials site, the tract is located off Riverfront Parkway and is adjacent to the Marriott Spring Hill Suites. The Nashville development group has developed plans for 71 single-family homes and 235 mid-rise luxury apartments on the riverfront property.

Financing for the project is in place from Pinnacle Bank and the developers are currently working with the Tennessee Valley Authority to gain the necessary permits to begin construction, according to Aaron White, a principal of Evergreen. The purchase price wasn't revealed.

Mobile ads boost Facebook profits

Mobile advertising accounted for more than half of Facebook's total ad revenue in the final quarter of last year, a sign that the social network born a decade ago in the desktop computer era is succeeding in its goal of being "mobile first."

Facebook's earnings and revenue handily surpassed Wall Street's expectations for the third quarter in a row as it further expand the number of users and the amount of money it makes on mobile ads. Facebook said Wednesday that it earned $523 million, or 20 cents per share, in the October-December quarter. That's up from $64 million, or 3 cents per share, a year earlier.