The Tennessee Valley Authority will begin evaluating potential alternatives for the future of its downtown Chattanooga Office Complex, the utility said Wednesday.
The move comes after a study found no significant environmental impact for a possible renovation, demolition and/or sale of the 1.4 million-square-foot complex at 1101 Market St.
TVA said in a statement it considered the following alternatives:
— No action: TVA retains ownership of the office complex indefinitely.
— Demolish buildings: TVA demolishes the complex, either in stages or all at once, and sells the land.
— Convey buildings and land: TVA sells the land and buildings “as-is, where-is.”
— Partial retention: TVA looked at multiple options that involved retention and renovation of selected spaces.
While the agency will begin evaluating which alternative will be selected, it gave no decision date.
(READ MORE: TVA studies plan to sell off complex)
“TVA is committed to remaining in Chattanooga and being part of its vibrant downtown community,” the statement said.
The utility is continuing to evaluate options for potential replacement space if it selects one of the alternatives that involves exiting the office complex, the statement said.
The nation’s biggest government utility had earlier hired commercial real estate consulting firm CBRE to solicit and study alternative sites to replace TVA’s biggest office complex with a new and different facility in downtown Chattanooga.
The utility’s shift to remote and hybrid work has lessened its demand for office space and created a need for more flexible and co-working spaces, Tricia Lynn Roelofs, senior director of facilities transformation at TVA, previously said.
(READ MORE: Federal agency narrows sites for new $218 million Chattanooga courthouse building)
TVA has offered its current downtown campus as a possible site for a new federal courthouse in Chattanooga.
The General Services Administration, the federal agency responsible for building and maintaining federal buildings, is considering three downtown sites in Chattanooga to build a $200 million-plus courthouse building to replace the aging Joel Solomon building. The federal was erected in 1932 and no longer meets security and accessibility standards for such buildings.
— Compiled by Mike Pare