Nashville investor buys Southside's Burnside with plans for more development

Staff Photo by Dave Flessner / The century-old warehouse that once housed the Andrews Paper Co., shown Friday, has been converted to apartments, commercial space and a No. 10 Steakhouse. The Nashville-based Material Ventures bought Burnside in June.

In its first major purchase outside of Middle Tennessee, a Nashville real estate investment firm has bought the Burnside development on Chattanooga's Southside with plans to add to the renovated warehouses and possibly buy other properties in the area.

Tim Johnson, a former vice president of multifamily investments for the San Francisco-based Shorenstein Properties, started Material Ventures in Nashville last year and is looking to acquire and develop other multifamily and commercial properties in the region.

"Chattanooga is a strong and growing market, and we like projects that have a lot of character, like Burnside," Johnson said in a telephone interview after buying the three parcels of property involved in the restored factory and warehouses on Rossville Boulevard between the Norfolk Southern rail line and Central Avenue.