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Initial Designs for Envision West End Dream up Chattanooga’s Next Great Neighborhood

April 4, 2019

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Apr 4, 2019--Urban Story Ventures has revealed the first plans for the proposed redevelopment of 112 acres of Chattanooga, Tenn., riverfront. A public presentation was held on March 21, 2019, on Riverfront Parkway inside the blue high bay buildings (formerly known as Alstom), which are within the study area owned by Urban Story Ventures.

Dover, Kohl and Partners was selected to draft the initial concepts during a multi-month process called Envision West End. The resulting vision depicts Chattanooga’s next great neighborhood, where people live, work, shop and play in a new district along the Tennessee River.

“The draft concept for West End creates a unique and local neighborhood that’s for everyone. We’ll have people of all incomes and backgrounds living and working alongside each other in an area that will provide thousands of jobs over our long-term redevelopment plans,” said Jimmy White, co-owner of Urban Story Ventures alongside Hiren Desai. “As a Chattanoogan, I’m invested in preserving our city’s character and breathing life into dormant properties to return them to productive use. Dover and his team have captured Chattanooga’s history, while drafting a sustainable plan for our city’s future.”

The concepts presented outline a highly walkable, car-optional neighborhood, which does not eliminate cars but provides the option for people to walk, bike, take transit or drive. Tree lined streets and green public spaces will restore balance and help heal the land, which was once home to heavy industrial activity. A fanned street grid will connect people to Riverfront Parkway and guide them to the Tennessee River.

The plan calls for mixed-use redevelopment of the 112 acres with varying house types and workplaces as well as recreation and entertainment. The former Alstom building is central to the economic impact of the new neighborhood with plans to resume manufacturing at the site. There is already early interest from multiple advanced manufacturing prospects. The draft design proposes space for a corporate headquarters for a future company, which could be in conjunction with the manufacturing building or a separate entity.

“The draft design is a livable neighborhood, which provides convenience with dining, shopping, housing, jobs and entertainment in one district,” said Victor Dover, founding principal of Dover, Kohl & Partners. “While the vision offers convenience, it is also packed with charm. The concept calls for salvaging materials from the old factories, and incorporating elements of Chattanooga’s combustion history and continuing the waterfront revival with the connection to the river and nature.”

To create charm and a sense of place, the draft design recommends varying architecture but elements that work together overall. The architecture and street network seek to re-stitch this section of Chattanooga to downtown. For visitors and residents, visual cues and landmarks throughout the district will establish that they are in a unique and defined neighborhood. To preserve Chattanooga’s history, the design proposes keeping part of the steel frames of the old factories with the ability for streets and parks to exist under them.

Since the Tennessee River is an essential feature of the new neighborhood, the plan advises keeping the vast majority of land along the riverbank as a linear park. The designs also expand on the Tennessee Riverwalk with a series of public spaces.

Building on the river connection, the plan brings the river experience into the land through canal features, opportunities for recreation and innovative stormwater devices that double as landscaping and water features. All of the new greenspaces and trees will help treat stormwater before it flows into the river.

Envision West End lays out a roadmap and includes an economic analysis on the market potential over the next several years. Multiple opportunities are outlined for the first few years with hotel rooms, apartments and additional housing slated for the second phase:

PHASE 1

In years one to four, the site could attract:

  • 40,000 to 60,000 square feet of existing office space leases
  • 30,000 to 50,000 square feet of new office space
  • 25 to 50 annual townhouse sales to millennials
  • 50 to 75 annual condominium and townhouse sales to retirees
  • a 10,000 square-foot food hall with an associated music venue
  • a canal bringing the river into the land
  • a brewpub
  • artist spaces
  • a childcare center
  • up to 5,000 square feet of food retailing

PHASE 2

As the market absorbs the newest additions to the hotel and apartment inventory in years five to ten, opportunities could expand to include:

  • 30,000 to 50,000 square feet of new office space
  • possibly the first phase of a 150,000 to 300,000 square-foot headquarters office building
  • two hotels, each with 100 to 150 rooms
  • 200 to 400 multi-family apartments in varying development sizes
  • 25 to 50 annual townhouse sales to millennials
  • 75 to 120 annual condominium and townhouse sales to retirees
  • 10,000 to 15,000 square feet of retail, service and restaurant spaces

Activity is already underway on the property, and initial new jobs and businesses will be announced in the coming weeks. For more information about Envision West End and to follow the progress, visit https://www.urbanstoryventures.com/.

About Urban Story Ventures

Urban Story Ventures is one of Chattanooga’s largest property groups - the company’s portfolio includes properties located in downtown and midtown including Alstom, Aerisyn, the Dome Building, the Edney Innovation Center, the James Building, King Street Station and Midtown Office Park. The Urban Story Ventures team aids tenants in advancing their individual success in a space that promotes and supports their unique story. Urban Story Ventures is co-owned by Jimmy White and Hiren Desai. For more information about the group, visit www.urbanstoryventures.com.

View more renderings of the initial design concepts at this link: https://www.dropbox.com/sh/6s47mkqroquc2nt/AADjQbSf9mfblbpB2wJn0ui_a?dl=0.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190404005834/en/

CONTACT: Marissa Bell

mbell@waterhousepr.com

(423) 424-3078

KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE

INDUSTRY KEYWORD: REIT URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Urban Story Ventures

Copyright Business Wire 2019.

PUB: 04/04/2019 05:26 PM/DISC: 04/04/2019 05:25 PM

http://www.businesswire.com/news/home/20190404005834/en