A private investment firm hopes to turn downtown's Chattanooga Lifestyle Center into retail, restaurant and office space.
Erlanger Health System, which has owned the building for 15 years, held a called board meeting on Tuesday to approve putting the property under contract for sale to investment group Noon Management LLC for $4.8 million.
The 44,738 square foot building sits between Market and Broad Streets, on a block that has already undergone major development within the last two years with the construction of the The Block climbing complex and the forthcoming Tennessee Stillhouse.
Noon Management is comprised of CEO Todd Phillips, who is also president of Wealth Preservation Advisors, and Chairman John Foy, who retired as a longtime executive with CBL & Associates Properties Inc. in 2012.
"The Lifestyle Center is in a prime location in city center," said Wood, who said the group intended to used the ground floor for restaurant and retail space and the second and third floors for office space. "It's a new direction for the space, but we think it's in keeping with the location and neighborhood setting."
While Phillips and Foy are both founding partners of new venture capitalist group, SwiftWing Ventures, the Chattanooga Lifestyle purchase is a separate enterprise, the group said.
The building has been on the market for seven months.
"We had lots of people looking at this building, but this was our best offer," said Erlanger Chief Financial Officer Britt Tabor.
At the meeting, Erlanger also agreed to sell a medical building it owns on Apison Pike in Collegedale to Noon Management for $625,000
For more information, read Wednesday's Times Free Press.
Contact staff writer Kate Harrison at email@example.com or 423-757-6673.