The Tennessee Valley Authority, which once occupied a half dozen downtown buildings in Chattanooga, has consolidated its reduced staff in its own Chattanooga Office Complex and has quit leasing or has sold off all of its other downtown properties.
For the third time in the past two years, TVA on Thursday sold one of its downtown buildings due to the reduced demand for office space by America’s biggest government-owned utility.
Dillard Development Co. purchased the former Tennessee American Water Co. headquarters building in downtown Chattanooga Thursday for $1,325,000. Dillard emerged as the highest bidder for the 17,672-square-foot building among four bidders at public auction Thursday.
Ryan Dillard, a partner in the Dayton, Tenn., construction and development company founded by his father, said the new owners plan to spruce up the empty building and find new tenants to fill it up.
“It’s a great building in a great location with its own parking,” Dillard said after winning the auction to buy the site Thursday. “We don’t have specific plans currently, but we’re excited about purchasing it.”