A Chattanooga partnership is taking the Tomorrow Building concept to Memphis as part of a project to reuse a historic property in that city’s downtown.
Aslan and Chestnut Funds, a pair of real estate investment entities, are planning to bring a mixed-use, multifamily development to the historic Cycle Shop property in the Memphis Edge District in a $35 million development, according to a news release.
Groundbreaking for the multifamily element of the project is to take place in early 2024, and the residential component will be the third location of the Tomorrow Building, a community living brand based in Chattanooga, the release said.
“We are excited to join forces with Aslan to complete the restoration of the historic Cycle Shop and embark on development of the third Tomorrow Building,” said Steen Watson, Chestnut Funds CEO, in a statement. “This is a unique opportunity to work together to honor the neighborhood’s past with a clear focus on further catalyzing its future.”
The partnership will help provide much-needed living spaces in the Edge District, Aslan CEO Tiffanie Robinson said.