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701 Building sells for $4.7 million

The 701 Building at Cherry and Seventh streets in downtown Chattanooga was sold to a Nashville developer for $4.7 million, according to Matt McGauley of seller Fidelity Trust Co.

McGauley said the redevelopment of the 701 Building set a high standard for sustainable and adaptive reuse of a historic downtown property, part of which held the original Krystal restaurant for many years.

"I am very proud of what we accomplished with that project," he said, adding that 2022 promises to be a transformational year for his company in its 110th year in business as Chattanooga's oldest commercial real estate firm.

McGauley said the sale of the 701 Building helped to raise capital and positioned the company to capitalize on opportunities ahead.

 

Hamilton County, Dalton see joblessness fall

Hamilton County's unemployment rate in October fell to 3.2%, down from 3.3% in September, according to the Tennessee Department of Labor and Workforce Development.

A year ago, the county's jobless rate was 7.1%.

Meanwhile, Georgia Labor Commissioner Mark Butler said Dalton saw a drop in the unemployment rate of two-tenths of a percent in October from September to 2.4%. A year ago, the rate was 5%.

"We are continuing to see all-time low unemployment rates across the state along with job growth in all of our statistical areas," Butler said. "The focus now is getting more Georgians into the workforce to fill these critical positions, particularly as we gear up for a strong holiday employment season."

— Compiled by Mike Pare

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