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Staff photo by Mike Pare / The 1400 Chestnut apartments sit next to a greenway that runs from The Chattanoogan to Finley Stadium.
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Staff photo by Mike Pare / The 1400 Chestnut apartments has 210 units and was raised by Birmingham-based Kore LLC

 

DOWNTOWN HOUSING

It’s estimated that more than 3,000 apartment units, nearly 2,000 student beds, and 250 condominiums and townhomes having recently opened or are coming online within the next year or so.

The wave of new housing washing over downtown Chattanooga is continuing as two of the biggest of the projects have opened.

The 1400 Chestnut apartment building, with 210 units near Finley Stadium, is up and running. About half of the structure is complete with the rest to be ready late this month, said leasing consultant Penny Leal.

Also, the 600-bed, $70 million dorm on the UTC campus at Vine and Houston streets started accepting students on Thursday, according to the university. The West Campus building is about 231,000 square feet in size and towers over other structures in the area.

At 1400 Chestnut, about 20 people already have moved into that five-story building, said Leal. She said leasing is "going well" so far for the apartment complex that has a parking garage, pool, lounge area, pet spa and work-out center.

"There's a lot of properties [downtown] that don't have parking," Leal said. She added that the complex owner has worked out an agreement for "overflow parking" at Finley.

Rents at the $23.6 million building start at $1,250 and go to $1,460 monthly for one-bedroom units. For two bedrooms, rents range from $2,000 to $2,200 a month.

Leal said that about 40 units are set aside for lower income renters as a provision in the agreement with the city to initially reduce property tax payments from developer Kore LLC of Birmingham. Top annual income to be eligible for the discounted apartments is $34,550 a year, according to the officials.

"A lot of people can't afford to live downtown," Leal said.

She cited 1400 Chestnut's close proximity to Main Street and the array of new eateries and shops which have opened there.

"I'm glad this part of town is coming to life," Leal said, adding that the apartment complex builder's "really stepped it up."

At UTC, the West Campus' stainless-steel panels and walls of windows are designed to match the UTC Library and Aquatic Recreation Center, according to the university.

Just off the UTC campus, a private developer is planning to raise a 138-unit, $38 million apartment building at McCallie and Central avenues aimed at students.

Two years ago, the 691-bed Douglas Heights apartments opened near campus off M.L. King Boulevard and Douglas Street.

Nearer Finley Stadium, The Henry Lofts at 1920 Chestnut St., are leasing. Chattanooga developer John Wise is eyeing a total of 179 apartments near Finley as well as 33 units on East Main Street.

At the rear of the Chattanooga Choo Choo, work is ongoing on a $45 million, 283-unit apartment building called Bluebird Row.

Also, a Knoxville developer is building a $15 million, 139-unit apartment and retail project near the Pilgrim's Pride chicken processing plant at Broad and West 17th streets in the Southside.

In addition, a $20 million, 174-unit apartment building is rising at 2108 Chestnut St., also near Finley Stadium.

At the same time, a Nashville developer is building two more apartment buildings in Cameron Harbor off Riverfront Parkway downtown with a total of 200 units.

It's estimated that more than 3,000 apartment units, nearly 2,000 student beds, and 250 condominiums and townhomes having recently opened or are coming online within the next year or so.

Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318. Follow him on Twitter @MikePareTFP.

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