Tremont townhouses adding to North Shore housing mix | NAI Charter
March 3rd, 2017in Business Diary
More new housing is slated to go up on Chattanooga's North Shore as a developer tries to meet swelling demand for downtown living.
Developer Thomas Connolly said a Tremont Street parcel is one of the few available tracts in that area that's large enough to fit the six-townhouse, $2 million project.
The three-story units at 309 Tremont St. will each sell in the mid-$400,000 price range, he said.
"That section of Tremont is unique to itself," Connolly said. "There's a church, apartment building, office building Nestled in between there's houses."
A slew of new apartments, along with other housing, is underway or planned on the North Shore. With more people living in the area, additional retail and commercial space is under construction as well.
Jeff Jennings, a commercial broker for NAI Charter Real Estate Corp., said he expects to continue to see "a massive amount" of money coming into the North Shore.
"We will run out of land and redevelopment opportunities," he said. "That will slow it down."
Connolly said he purchased the Tremont property when there was an unoccupied, dilapidated house on the parcel.
"It was falling apart," he said. "The site had been overlooked."
Connolly said that some people have expressed concerns about the size and look of the project.
"Some people don't like modern architecture. We understand that," he said. "I understand that some folks don't like the density."
But, the developer said, the property already has the zoning for the townhouses.
"We think it will be a good addition," he said. "A few neighbors don't agree with that."
Connolly said many more people believe it will be "something better for the neighborhood."
He expects work by Collier Construction to start in the next 30 days and finish in late fall. The units will each be about 2,000 square feet in size and hold three bedrooms and three baths, Connolly said.