This story was updated Tuesday, Oct. 22, 2019, at 9:15 p.m.
Chattanooga's redeveloping riverfront continues to progress downstream and into the Westside of downtown with the addition of another $32 million of apartments at the end of West M.L. King Boulevard.
Evergreen Real Estate, the Nashville- based development firm that has already built hundreds of apartments, condominiums and commercial outlets in Cameron Harbor along Riverfront Parkway downtown over the past six years, is adding another 239 apartments to bring its total investment in the riverfront area to more than $100 million.
The new apartment complex, known as Riverwalk at Cameron Harbor, will include one- and two-bedroom apartments being built in a couple of buildings on the newly extended portion of West M.L. King Boulevard near the Tennessee Riverwalk.
Aaron White, a partner in Evergreen Real Estate, said the first of the new apartments should be finished by next spring and the entire project will be completed and available for lease by the end of 2020. White said the one-bedroom units will rent for $995 a month and the two-bedroom units will rent for $1,500 a month.
The developers are targeting downtown professionals and empty nesters as tenants.
"We believe in downtown, pedestrian-friendly urban living with great access to entertainment, jobs and services," White said. "We believe that as Chattanooga continues to grow, there will continue to be demand for well-built riverfront housing, with great views and amenities."
The new apartments are sandwiched between the 901 Building, a medical office building, and the Blue Goose Hollow trailhead at the Riverwalk on the Tennessee River, which Chattanooga Mayor Andy Berke has called "one of its most valuable and scenic public spaces." Cameron Harbor also includes a variety of townhomes and more than a dozen condos that have sold for more than $1 million each, along with more modestly priced condos in the 112-unit Exchange at Cameron Harbor.
The Chattanooga City Council agreed last December to extend West M.L. King Boulevard to the Riverwalk after the city previously approved a tax increment district for the region last year. Within the tax increment district, a portion of the extra property tax revenues generated from new developments in the district may be used by the city to make public improvements and investments, including the street extension and walkways in the area near the new apartments.
The tax increment financing district in the area is only the second such district approved by the city of Chattanooga.
On the other side of West M.L. King Boulevard, a development group known as West End Property LLC has asked the city to rezone most of the 115 acres they acquired last year, now known as "The Bend," to allow for more than $2 billion of housing, retail, restaurant and other commercial and industrial development along the river in the future.
Contact Dave Flessner at email@example.com or at 757-6340.