A representative for Core Development told Hamilton County commissioners on Wednesday that the company would be open to committing to invest approximately $160 million in the development of 11 acres near a proposed baseball stadium in Chattanooga’s South Broad District.
That project would get city and county officials roughly halfway to a goal of $350 million of private investment needed to meet a public financing plan outlined for a new stadium proposed for the Chattanooga Lookouts.
Core Development has been looking at building 400 to 500 residential units and up to 20,000 square feet of neighborhood-scale commercial space on a parcel on the former Wheland Foundry site, adjacent to the location of the planned stadium.
The company hopes to break ground on phase one of the project by the end of the year, which would encompass 28 condominiums, 3,000 square feet of commercial retail and 38 single- family townhomes.
Andrew Beaird, the company’s chief development officer, confirmed when asked by Commissioner Ken Smith, R-Hixson, that Core executives would be receptive to an agreement that would stipulate that the company complete all phases of their project if the stadium goes through.