A plan to put a 10-story tower with apartments along with retail and office space in downtown Chattanooga won financial incentives from a city panel today.
Boyd Simpson, chief executive of Atlanta-based The Simpson Organization, said he expects to start work in October on the $28 million project that will go in a long vacant site in the 700 block of Market Street.
“It’s a good start,” said Simpson after the plan won financial incentives from the city’s Health, Educational and Housing Facility Board.
The Simpson Organization, which owns the SunTrust Tower next door, received a 10-year tax break with a four-year phase-in period amounting to a property tax savings of more than $2 million. The group will pay the education portion of its property tax bill and the levy on the commercial space.
The group plans to put up 125 apartments at the site.