Planners working on the multimillion-dollar redevelopment of Chattanooga’s downtown riverfront have raised over half the funds needed for the project.
Amid the clank and clatter of plates and cutlery, River City Co. announced the progress of its capital campaign for the riverfront project at a Tuesday celebration luncheon held in honor of the downtown development nonprofit’s 40th anniversary.
River City Co. has set a goal to raise $25 million from the private sector for the project and has already secured just over $13 million toward that goal in three months, according to the capital campaign chair, Ward Davenport.
Chattanooga riverfront redevelopment has secured about $38M in public, private funds
The riverfront project has received a combined $25 million in public funding from the state, city and Hamilton County. The private sector funds support the completion of the project as well as the establishment of a maintenance fund for the park, Davenport told the packed house at the luncheon.
Some of the private sector contributions, to name a few, come from EPB, Volkswagen, Unum, DeFoor brothers and Vision Hospitality Group, according to River City Co.’s presentation.
“The reception from the community has been outstanding,” Davenport said in an interview. “Folks have been very supportive of the project and what we’re envisioning.”
The redevelopment plan spans the length of the riverfront from the Market Street Bridge to the Olgiati Bridge. The plan calls for the planting of shade trees, the installation of speed tables to slow traffic on Riverfront Parkway and softening the park’s grade for greater accessibility.
Other features in the plan include two new restaurant spaces, a new playground, a flexible court system under the Olgiati Bridge and a floating dock connected to the existing pier.
(READ MORE: Chattanooga riverfront renovation to bring shade, restaurants, other amenities)
The project is estimated to cost about $40 million, River City Co. previously told the Chattanooga Times Free Press. While construction costs may rise, River City Co. expects to still be able to establish a healthy maintenance fund for the park, River City Co. President and CEO Emily Mack said in an interview.
“It’s an incredible community asset, and it will also be an economic catalyst,” Mack said of the riverfront. “The tentacles of that project and the benefit that we’ll have — not just for downtown but the city and county as a whole — it’s tangible. It’s palpable.”
During the presentation, River City Co. officials spoke about how downtown Chattanooga is an economic driver for Hamilton County. According to River City Co., downtown Chattanooga generates $26 million of the county’s general fund tax revenue, $35 million of the Hamilton County Schools budget and 44% of countywide hotel-motel tax revenues — all while making up just 1% of the county’s total acreage.
“When I think about the city, I think about the city as kind of like a body,” Chattanooga City Council member Raquetta Dotley of East Lake said in an interview. “Downtown is the heart. And if the heart is not doing well, no other place in the city is going to be.”
To have a vibrant and economically stable Chattanooga means having a vibrant and economically stable downtown, Dotley said. Following the completion of the riverfront redevelopment, Dotley said she wants to see continued investment in the city’s downtown area.
River City Co. plans to break ground on the riverfront project in November. The riverfront will be closed during construction and is expected to reopen in 2028.
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Contact outdoors reporter Sam Still at sstill@timesfreepress.com or 423-757-6579.