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City, master developer clarify misstatement about Chattanooga stadium site investment fund

Contributed rendering by city of Chattanooga / A rendering of a potential multi-use stadium is shown at the site of the former U.S. Pipe/Wheland Foundry in Chattanooga's South Broad District, incorporating some of the existing buildings.
Contributed rendering by city of Chattanooga / A rendering of a potential multi-use stadium is shown at the site of the former U.S. Pipe/Wheland Foundry in Chattanooga's South Broad District, incorporating some of the existing buildings. Contributed rendering by city of Chattanooga / A rendering of a potential multi-use stadium is shown at the site of the former U.S. Pipe/Wheland Foundry in Chattanooga's South Broad District, incorporating some of the existing buildings.

By David Floyd 3 min read

During the inaugural meeting of the Chattanooga-Hamilton County Sports Authority on Tuesday, city officials misstated that the master developer for the former U.S. Pipe/Wheland Foundry site is assembling a $650 million investment fund to help spur development in the area.

Mayor Tim Kelly told the sports authority board Tuesday that Jim Irwin, president of the Atlanta-based New City Properties real estate development firm, and his partners are putting together a $650 million investment fund for the foundry site, where a new multiuse stadium for the Chattanooga Lookouts will go.

Jermaine Freeman, senior adviser for economic opportunity for Kelly, also told the panel on Tuesday that Irwin has a finance team that’s working to form the investment portfolio to attract capital to the site. He said a member of Irwin’s team had earlier indicated that they’ve put together the fund of about $650 million.

(READ MORE: Groundbreaking on Chattanooga Lookouts stadium planned for April)

Freeman later clarified that information with the Chattanooga Times Free Press, stating by phone Friday that he had misinterpreted a statement McKittrick Simmons, managing partner for Sweetwater Holdings in Atlanta, had shared during a public meeting in July. That is where the $650 million figure originated.