Skip PondThere are now two residential projects in the works at the intersection of McCallie and Central avenues after planning commissioners recommended approval Monday for eight to 10 new townhomes in the southwest corner of the intersection.
Last month, the Chattanooga City Council approved a 114-unit apartment complex in the northeast corner of the same intersection. The planning commission endorsed that proposal in January.
Skip Pond, an independent Chattanooga developer, said Monday that his townhome project in the southwest corner represents a roughly $1 million investment and is aimed at young professionals who want to live downtown. He originally looked at doing apartments, but in the wake of a glut of new downtown apartment starts, changed the plan.
Pond owns Pond Holdings LLC and RLP Construction LLC.
Pond's project will include seven two-bedroom townhomes and two one-bedroom townhomes. The two-bedroom units will be between 1,000 and 1,100 square feet and rent for about $1,200 a month, he said.
The one-bedroom units will be around 700 square feet and rent for about $900 a month.
He said the townhome buildings will be all-brick construction, feature surface parking and have hardwood floors, granite countertops and crown moulding inside.
Pond has built single-family homes in Chattanooga before, including along M.L. King Boulevard, at Park Avenue and 11th Street and in the Jefferson Heights neighborhood.
He compared his project to Walnut Hill Townhomes, a development of million-dollar townhomes built by Urban Renaissance Group in the mid-2000s.
Don Moon, planning commissioner and partner at Urban Renaissance Group, pointed out the similarities between Walnut Hill and Pond's proposed townhomes during Monday's meeting.
"These units look vaguely familiar to me," he said.
"Don Moon made a comment about it," Pond said later Monday. "But it's a nice project, and he should take it as a compliment that I want to copy it."
Pond said his town- homes will not be as big or as pricey as Walnut Hill. The plan is to lease the units at first and perhaps include a purchase option later.
Because the new townhomes are in the historic Fort Wood neighborhood, the project must be passed by the city and then get an extra nod from the Chattanooga Historic Zoning Commission.
The Regional Planning Agency staff recommended that planning commissioners approve the project in their review after receiving a letter of support from the Fort Wood neighborhood association pertaining to the townhomes, said Greg Haynes, director of development services.
Pond said he hopes to get the project under construction by fall and have the new homes open by next spring.
"I'm just excited about rejuvenating that corner," he said Monday. "It's been vacant as long as I can remember."
The developers behind the other apartment project at the McCallie and Central intersection have declined to give definite dates or projections about that project.
But according to January planning agency documents, the building is to be four stories and house 114 units. The 1.72-acre lot is occupied now by New Home Missionary Baptist Church and its parking lot.
The proposed apartment building has an L-shape and fronts McCallie and Central avenues.
Contact staff writer Alex Green at agreen@timesfreepress.com or 423-757-6480.