One of Chattanooga's biggest new housing developments is bringing the most affordable new condominiums to the downtown area in a pair of four-story structures erected along Riverfront Parkway.
The Exchange at Cameron Harbor began selling studio, one- and two-bedroom units this week as work crews finalize interior work on the 112 new condos. Prices in the new units range from $159,000 for a 460-square-foot studio unit up to $375,000 for a two-bedroom, 1,174-square-foot condo.
Exchange at Cameron Harbor
› Location: 782 and 804 Riverfront Parkway
› Project scope: The south building has 30 units and the North building as 82 units
› Prices: Range from $159,000 for a studio up to $375,000 for a two-bedroom condo
› Amenities: Pool, clubroom, fitness center, doggie spa, outdoor grill and pavilion and parking
› Investment: In total, the condos represent more than $26 million of homes
› Developer: Evergreen Real Estate in Nashville
› Architects: HK Hefferlin + Kronenberg Architects in Chattanooga
› Sales agents: Darlene Brown and Ryan May with Real Estate partners Chattanooga LLC
For 22 cents per square foot homeowners, dues, residents in the new Exchange at Cameron Harbor also have access to a swimming pool, exercise room, outdoor grilling and entertainment area, doggie spa and free parking in a pet-friendly development.
The Nashville-based Evergreen Real Estate, which is developing Cameron Harbor on both sides of Riverfront Parkway, has developed a variety of housing options for residents who can live within walking distance of downtown and the Tennessee Riverwalk.
The new condos are across Riverfront Parkway from the riverfront Cameron Harbor complex that has already sold more than 80 homes, including a handful of $1.3 million condos, and where hundreds of tenants reside in the 224-unit Vista Cameron Harbor apartments.
"It's very gratifying to represent a new, more affordable quality homeownership opportunity in downtown," said Darlene Brown, president of Real Estate Partners Chattanooga LLC who has marketed and sold downtown condos for the past two decades. "It is much needed and there is a pent up demand in our total market and especially so downtown."
The Exchange condos, along with additional $1.3 million units planned on the river, show the diversity of Cameron Harbor, which Brown said "is now a small city along the riverfront in downtown Chattanooga."
Kim White, president of the River City Co., which has organized a Downtown Living Tour Sunday afternoon to show off new apartments and condos in the central city, said the Exchange at Cameron Harbor "accomplishes what so many people are asking for: homeownership with a downtown location at an affordable price point." White said the diversity of housing options and the success of Cameron Harbor "is great for our downtown."
With more than 3,000 apartment units, nearly 2,000 student beds, and 250 condominiums and townhomes having recently opened or coming online within the next year or so, downtown is seeing a surge of new housing.
Downtown living tour
The Exchange at Cameron Harbor will be the only for-sale homes featured Sunday during the Explore Downtown Living Tour from 1-4 p.m. Free and open to the public, check-in will be at Miller Plaza, 850 Market St. Pre-registration is encouraged at www.rivercitycompany.com.
But the Exchange at Cameron Harbor will be the first new condos in their price range to be added downtown in the past decade or more. The Exchange is also the only for-sale units to be featured in Sunday's Downtown Living Tour.
The smaller of the two new condo buildings, the 30-unit South Building, will permit owners to do short term vacation rentals (STVRs) such as Airbnb, VRBO and others. Brown said she expects some businesses may opt to buy one of the new condos for use by short-term employees, visitors or contractors and some parents of the nearly 400 boarding students in Chattanooga also may opt to buy a unit to use when they are in town.
With its proximity to the downtown waterfront, the South Building units should be popular for short term vacation rentals, especially with its access to a pool and exercise room and location next to the Chattanooga Whiskey distillery.
The larger 82-unit North building will have a deed restriction so residents in that structure do no lease out their units for short term vacation rentals.
"The value, location and lifestyle offered by Exchange is incredible for the owner and the investor," said Ryan May, one of the partners in Real Estate Partners Chattanooga. "The area is exploding with growth with two new restaurants and other businesses on the horizon to serve the residents and owners."
Already, eight units in the Exchange have sales pending. Residents are expected to begin moving into the new complex in July.
Contact Dave Flessner at firstname.lastname@example.org or at 757-6340.