Central on Central… Building sits at central site at East Main and Central Avenue

The East Main Street area of Chattanooga is seeing arguably the most redevelopment activity in decades and a building at the center of the key artery is for sale.

In fact, the building sits at the intersection of East Main Street and Central Avenue. The one-level structure has 5,363 square feet and about 30 parking spaces, according to real estate broker Jon B. Hughes of Pointe Commercial Real Estate.

With a sale price of $1.5 million, the site is seen as a location for restaurant or retail, according to Hughes, while the current layout is for an office or medical use.

The building is within Chattanooga's Opportunity Zone, a designated area which offers incentives for investors realizing capital gains to defer and limit the taxes normally due on such income.

The East Main Street corridor from Market Street to Missionary Ridge is seeing a variety of new, mixed-use projects.

This summer, for example, the Austin Hatcher Foundation broke ground to anchor the commercial part of a planned $40 million redevelopment of a former manufacturing site off Holtzclaw Avenue.

Also, a Chattanooga developer is proposing a multimillion-dollar mixed-use project on a nearly 9-acre manufacturing site across from the historic National Cemetery.

Plans are to reuse the longtime Lucey Boiler industrial site and turn it into a location for new townhomes, retail-and-event space and possibly a boutique hotel.