A plan to put a 10-story tower with apartments along with retail and office space in downtown Chattanooga won financial incentives from a city panel today.
Boyd Simpson, chief executive of Atlanta-based The Simpson Organization, said he expects to start work in October on the $28 million project that will go in a long vacant site in the 700 block of Market Street.
"It's a good start," said Simpson after the plan won financial incentives from the city's Health, Educational and Housing Facility Board.
The Simpson Organization, which owns the SunTrust Tower next door, received a 10-year tax break with a four-year phase-in period amounting to a property tax savings of more than $2 million. The group will pay the education portion of its property tax bill and the levy on the commercial space.
The group plans to put up 125 apartments at the site.
The City Council and County Commission must give final approval to the incentives.
See Friday's Times Free Press for more.
This rendering shows what the tower slated to go up on the 700 block of Market Street in downtown Chattanooga should look like.