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Edney Innovation Center in downtown Chattanooga’s Innovation District sold to real estate group

Staff file photo by C.B. Schmelter / Mayor Andy Berke, center left, and Brookings Institute scholar and author Bruce Katz look out over Chattanooga from the roof of the Edney Innovation Center while touring the downtown Innovation District in 2018.
Staff file photo by C.B. Schmelter / Mayor Andy Berke, center left, and Brookings Institute scholar and author Bruce Katz look out over Chattanooga from the roof of the Edney Innovation Center while touring the downtown Innovation District in 2018. Staff file photo by C.B. Schmelter / Mayor Andy Berke, center left, and Brookings Institute scholar and author Bruce Katz look out over Chattanooga from the roof of the Edney Innovation Center while touring the downtown Innovation District in 2018.

By Mike Pare 3 min read

The Edney Innovation Center, known as the so-called hub of Chattanooga’s Innovation District, was sold Friday by its local owners to a Wisconsin-based real estate group.

Urban Story Ventures, co-owned by Chattanoogans Jimmy White and Hiren Desai, sold the 10-story Edney building at Market and East 11th streets to Hendricks Commercial Properties.

Hendricks invests in, manages and develops real estate throughout the United States. The purchase price for the 85,000-square-foot building wasn’t disclosed.

White said it’s time for Urban Story Ventures, which bought the former TVA building in 2015 for $1.35 million, to move onto its next revitalization project.

The company is in the initial phases of redeveloping the former 115-acre Alstom manufacturing site along Riverfront Parkway. White has said the proposed redevelopment of that property could bring $2 billion to $3 billion in investments and spur more than 5,000 jobs.