Collegedale will soon be home to two large apartment complexes. Tim Snook of Synergy Development Co., which plans to construct 248 units on Apison Pike, says there’s enough room for both.
“The general rule of thumb beyond any detailed market study you do is every 1,500 jobs equates to 1,000 needed apartments,” he said. “What we’re excited about is Collegedale and Chattanooga has the only real, honest-to-goodness job growth in the country that I know of.”
Volkswagen is expected to create 2,000 jobs, with Amazon possibly nearing another 2,000.
North American Development Group owns nearly 100 acres next door to Snook’s planned development and is expected to construct a large retail complex, bringing even more jobs and commerce to the area.
“I think they’re running along as we speak,” City Manager Ted Rogers said in regards to North American, which has yet to submit any real plans. “I know the big thing they were waiting on was the connector to I-75.”
The first phase of the road project is due to be complete by the end of the year. Although Rogers said there are no other formal development requests at this time, “a lot of people are discussing, buying land and making offers.”
Snook said he plans to formally submit design plans in July, thus beginning the acceptance process before construction can begin. There is the need for only one variance – to have some four-story buildings – on the 16.45-acre site. He has already taken a notice of intent on an adjoining 10.9 acres.
“It’s a great site in my opinion,” he said, although quickly adding, “I don’t mean to imply anything is going forward.”
His first complex will be weighted toward one-bedroom units and be aimed at the upper middle-class, he said. Amenities including a pool, outdoor fireplace and cabana, remote garages and covered parking, gas grills and picnic areas, and trails tying into the nearby Summit softball complex will be included.
He said he has developed hundreds of properties in 15 states.
“We are not somebody that comes in and throws stuff up,” he said. “Our goal is to own this and build phase two here.”
COMMERCIAL VS. RESIDENTIAL
Commercial and residential needs are sometimes a Catch-22 situation, which is why an apartment complex on Little Debbie Parkway was only narrowly passed by Collegedale officials.
“I would have preferred something there that would have generated sales tax revenue as opposed to property tax revenue,” said Mayor John Turner, who abstained from the vote. “We will see if it leads the other developments we need.”
Commissioner Katie Lamb, who voted in favor of the project along with Commissioners Debbie Baker and Larry Henry, said she’s excited and thinks the 280-unit complex will be a good thing for the area.
“It seems to me it will perhaps bring in some good businesses, nice restaurants and so forth,” she said.
Turner said the development in the area has been “stagnant” for several years.
The Planning Commission should receive final designs in the next few months and must approve them before the commission’s required two majority votes. Then construction can begin, which is expected this October, with the first units available next April and the entire project completed by January 2013. A traffic study requested by officials will have to either show that the development will not largely impact the flow of traffic in the area, or developers will have to incorporate approved traffic measures into their plans.