Catylist ID: #29653179
Multifamily Development Site - UTC/MLK Area
Vacant Land for Sale
|Catylist Listing ID:||29653179|
|Gross Land Area:||1.60 Acres|
|Unit Price:||$559,375 Per Acre|
|Adjacent Parcels Available:||Yes|
|Sale Terms:||Cash to Seller|
Overview / Comments
Excellent development site within walking distance of the expanding UTC campus and downtown amenities. Located one block south of MLK Blvd.
This site is 1.6 Acres +/-. Together with the adjacent parcels, available from separate willing sellers, there is a potential assemblage of 2.83 Acres +/-.
Great opportunity to tap into the unmet demand for multifamily rental units for both student and workforce housing.
The subject site lies within the boundary for the Downtown Chattanooga Residential Payment in Lieu of Taxes Program, which is a financial incentive that is designed to encourage multi-family rental development, while also promoting the construction of affordable units, in and around the Downtown Chattanooga program boundaries by “freezing” property taxes at the predevelopment level for a predetermined period of time.
The subject site lies within Census Tract 124, which is a Qualified Census Tract for the LIHTC program.
|Tax ID/APN:||145E S 008|
|Zoning:||CURRENTLY R4 - SLATED FOR REZONING TO IX-4|
|Zoning Description:||IX-4 “Industrial Mixed Use” - Intended to reinforce the industrial character and productive function of the area, but also allow for a variety of commercial and residential options. Building forms appropriate for the area include: Industrial flex, mixed-use shopfront, shopfront, live-work, flat, rowhouse, civic. Appropriate uses include: Industrial, manufacturing, artisan, commercial, multi-family, single-family attached, public. Front Setback: 0 to 30 feet. Max Height: 4 stories.|
|Available Utilities:||Electric, Water, Gas, Sewer, Cable, Broadband|
|Proximity:||1 mile||3 miles||5 miles|
Jason A LehnHerman Walldorf Commercial GCAR CMLS Member
Benjamin PittsHerman Walldorf Commercial GCAR CMLS Member
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