The eyesore at 700 Market St. finally could transform from crater to condos following a request for proposals from property owner River City Co.
It’s part of a double-barreled shot in the arm for Chattanooga’s downtown renaissance, as River City also wants to move forward on its Broad Street property next to the Majestic 12.
Both properties were the subject of the city’s Urban Design Challenge, which offered prizes for architects to create test projects that reflect the land’s highest and best use.
Designers proposed about $80 million in development in and around the two sites.
Now, increased tourist traffic and double-digit job growth is putting pressure on developers to move from concept to construction, officials said.