The city of Soddy-Daisy is seeing a surge in residential development, with 100-125 new single-family residences planned for the city's north end along Old Dayton Pike and Dayton Pike, according to City Manager Janice Cagle.
The city issued 42 new building permits for residential construction between January 2019 and mid-December, totaling around $8 million, she said.
"This will be the biggest growth time we've ever experienced in our city," said Mayor Geno Shipley.
The Reese Hollow development by William Hedgecoth includes 22 home sites, with work likely to begin this spring, Cagle said.
Excavation and road construction is currently underway for developer Mark Eller's Goose Creek subdivision, which comprises sites for 42 homes to be priced between $340,000 and $375,000. He also developed Soddy-Daisy's now-built-out Bent Creek subdivision of 29 homes in the $400,000-$450,000 range.
In Greentech Homes' Stonegate community, composed of 33 home sites, homes are already under construction, priced between $280,000 and $350,000, said Cagle.
And there's more on the horizon. Jake Ramsey of Greer Management informed the city commission Nov. 7 that he'd like to build a townhome complex of 60-80 units on Dayton Pike on the north end of the city. Rent will be limited to 60% of the area's median income, or a maximum of $900 a month, he said.
Building permits have not yet been acquired for those units.
Cagle said the city experienced a similar boom in the early 2000s that slowed around 2008-2010. Shipley partially credits the new uptick to a reduction in the minimum residential lot size passed two years ago. This allows developers to cut costs by giving them the option to fit more homes in their developments, he said.
Good schools, kids' programs, parks, recreational amenities and a low tax rate for a full-service city — $1.35 per $100 of assessed value, compared to Chattanooga's $2.28 and Red Bank's $1.39 — are also factors affecting developers' interest in the city, he said.
"What we're hoping for with all the new homes in our city is to get more retail people looking at Soddy-Daisy," said Shipley, adding that the city would especially like to attract a sit-down restaurant such as Applebee's or O'Charley's.
Eller said he moved to Soddy-Daisy after serving in Operation Desert Storm. He chose to invest in the city because he can't imagine living anywhere else. He loves the slower pace compared to what you'd find in areas such as Ooltewah, he said.
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