A proposal to build a 264-unit apartment complex in Alton Park moved forward on Monday after the site received a green light from Chattanooga planners.
Work on the $40 million project at 4906 Central Ave. by LDG Development of Louisville, Kentucky, could start later this year, said Chattanooga real estate broker Joe Pleva, who is working with the seller of the land.
› Name: The Reserve at Mountain Pass
› Location: 4905 Central Ave.
› Units: 264
› Tract: 13.4 acres
› Size: 11 buildings
Source: LDG Development
"It will transform that whole area," said Pleva about the 11-building complex.
City Councilman Erskine Oglesby said the project, called The Reserve at Mountain Pass, would hold "workforce housing" and attract economic development for Alton Park and Piney Woods.
"It will create opportunities for growth and jobs," he said about the complex which is one of the largest new housing initiatives in that area in years.
The 13.4-acre tract was originally rezoned from manufacturing to residential two years ago by the Chattanooga-Hamilton County Regional Planning Commission. But developers now appear ready to move forward later this year if they receive City Council approval.
The site formerly held the old Frank H. Trotter School and sits near a onetime Velsicol Chemical Co. tract.
On Monday, planners endorsed a closure and abandonment of an old right of way that passed through the property, and the City Council will later take up that matter.
Two people who live in the area expressed concerns about the potential closure of private roads through the property, drainage and traffic.
"I'm worried about congestion," said one man, adding that the former Velsicol site might be a better location for the project.
Todd Leamon, the planning panel's vice chairman, said the street right of way was under its purview on Monday. He said the project will go before the City Council for its consideration.
Oglesby said the proposed site for the apartment complex has access to Alton Park Boulevard and St. Elmo and eventually to downtown.
LDG Development is a multi-family housing developer with over 20 years building affordable housing developments, according to the company. It has developed or managed more than 8,000 units in more than eight states. The developer reportedly became interested in Chattanooga while working on a complex in Nashville.
Contact Mike Pare at email@example.com or 423-757-6318. Follow him on Twitter @MikePareTFP.