Under Construction: Affordable living in Northshore at Hamilton Lofts

Under Construction: Affordable living in Northshore at Hamilton Lofts

February 3rd, 2013 by Shelly Bradbury in Business Diary

Wise Construction workers unload steel I-beams for porch balconies at Hamilton Lofts on North Market Street and Bell Avenue.

Photo by Tim Barber/Times Free Press.

Project: The Hamilton Lofts

Owner: John Wise

Location: 600 N. Market St.

Developer: Wise Properties

Cost for project: $4 million

Scope: The four-story apartment building will include 42 one- and two-bedroom apartments, a parking garage and two small retail spaces on the ground floor.

Features: Real oak hardwood floors, walk-in showers with high-efficiency pumps, elevator, parking space included in rent, stone and plank siding exterior.

Rent: $850 to $1,150

Timeline: The complex will open in late June.Some future residents have already put deposits down.

Market: "We anticipate that we'll get some graduate students and we'll get some young urban professionals," Wise said. "I bought the property years ago and had been sitting on it waiting for the right time. It's a great location; it helps that Publix is coming in right next door. There's a need for some affordable housing in Chattanooga, and these smaller niche-style buildings seem to work well for us."

Future: Wise plans to build $50 million in apartments near or in downtown. This development is part of that larger plan. He's also building an apartment structure across from Finley Stadium on Chestnut Street that will include a restaurant and bar. Demolition work at that site is starting now; construction, next month.