With about 40 percent of the Jaycee Tower apartments uninhabitable, a Hamilton County panel agreed Tuesday to move forward with a planned $10.5 million revamp to start this summer.
Work to refurbish the 18-story apartment building located on the west side of downtown should take about a year, said attorney Louann Smith, who represents a group taking on the project.
“It has housed elderly low-income residents for over 40 years,” she said about the West M.L. King Boulevard tower. “This project will remain elderly low-income housing for the next 41 years.”
The Hamilton County Industrial Development Board agreed to authorize the $10.5 million in bonds to finance the acquisition and renovation of the building.
“As we see, rents are skyrocketing all over Chattanooga and Hamilton County. This is some place where these people can have a nice, decent place to live,” said Dan Mayfield, the board’s chairman.