Debra Robertson remembers when former second lady Tipper Gore came to Chattanooga and gave an exercise class in what was then known as Jaycee Towers.
“That was kind of exciting,” said Robertson on Monday as she and officials marked the renovation of the nearly 50-year-old tower for the elderly on downtown’s west side.
The 18-story, 161-unit high-rise at M.L. King Boulevard and Gateway Avenue has been renamed River View Tower.
A public/private partnership involving Wishrock Housing Partners of Portland, Maine, the city, Hamilton County and the Tennessee Housing Development Agency oversaw a full-scale makeover of the building.
Staff photo by Tim Barber/ A ceremony was held marking the renovation of River View Tower, which for many years was known as Jaycee Towers.Penn Lindsay of Wishrock estimated the project at between $15 million and $20 million. He said there were 190 units, but that number was whittled down as some studios were converted to one-bedroom apartments.
“Hopefully, it will stand for another 50 years,” Lindsay said at a ceremony.
The facility only has five vacant units now. But when there were discussions three years ago about refurbishing the building, nearly a third of the apartments then were termed uninhabitable.
Doug Chinery said Monday that the Jaycees had taken on the idea of construction of the tower when some retired teachers had complained they had no place to live.
“It got a little old and tired,” he said about the tower. For six years, the Jaycees tried to sell it to a developer, and the building wasn’t far from closing when Wishrock stepped up, Chinery said. The Maine nonprofit invests in affordable housing properties nationwide.
Ralph Perrey, the Tennessee Housing Development Agency’s executive director, said the high-rise has history and meaning for the city. The agency provided low-income housing tax credits in excess of $6.9 million. THDA also allocated $10.5 million in multi-family tax exempt bonds to help with the project.
“We’ve got 161 attractive, long-lasting apartments for seniors,” Perrey said.
Chattanooga Mayor Andy Berke said it’s difficult to enjoy the city when a person doesn’t have a quality place to live.
“The old tower was in desperate need of repair,” said Berke. The city and county approved a payment in lieu of tax agreement to help with the renovation.
Hamilton County Mayor Jim Coppinger recalled he once worked at a fire station that was nearby. Some of the station’s “closest friends” were tower residents who would walk to a nearby Red Food grocery store, he said.
The Jaycees, or the Junior Chamber, had launched construction of the tower as a project to provide low-income housing for the elderly. It had been financed through a federal loan.
Today, occupancy is restricted to residents age 62 or older who earn at or below 60 percent of the area medium income. The average rent for a studio and one bedroom unit at River View Tower is between $712 and $763, respectively, according to Wishrock.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318. Follow him on Twitter @MikePareTFP.