Retail-Commercial for Sale
Free-Standing Building, Mixed Use, Street Retail, Other, General

Mixed use development opportunity in the renewal community of Martin Luther King. Building sits directly behind UTC housing. Building is ideal for student housing or offices upstairs and retail commercial down below or as a professional space for offices such as a law or accounting firm. There is the beginnings of renovations in each space: four apartments or offices upstairs, two retail spaces, and one potential restaurant space below. There is street parking along the front, by the hour parking lot on the east side, and land in the rear for a parking lot. Seperate entrances for each unit below from the fron and the rear. Entrances to the upstairs unit from both the front and the rear. Student housing is needed with UTC housing at 100% occupancy and a wait list. This area is eligible for Renewal Community Tax Credits and Incentives such as the Commercial Revitalization Deduction. There is an additional .5 acres of land adjacent to this property which is available for development.

Area:

Located in the renewal community of Martin Luther King. The university sits behind the building. The Central Business District is less than .5 miles. More than 130 homes or condos have been built or renovated in the area. The Regional Planning Agency has outlined a path to revival of the boulevard in a 116 page plan adopted in Feb 2009 by the Chattanooga City Council. Chattanooga is the 4th largest city in Tennessee after Nashville, Memphis and Knoxville. According the Relocate America, Chattanooga has been ranked the 3rd best place to live in America for 2008. REIS 4th quarter 2007 ranked Chattanooga as the 6th city in the nation for employment growth. Chattanooga is among the 50 hottest cities nationwide for companies looking to expand or relocate according to Expansion Management Magazine. In the June 2004 Urban Land magazine, quotes that the city's ambitious 21st Century Waterfront Plan, together with a comprehensive job growth strategy, has Chattanooga posed to emerge as the envy of riverfront cities across the nation.