Opportunity Zone Redevelopment - Heart of Downtown Chattanooga

Retail-Commercial for Sale
Also listed as Hospitality
Catylist Listing ID: 29890497
Property Subtypes: Mixed Use, Restaurant, Tavern/Bar/Nightclub, Other
Building Size (RSF): 59,560 SF
Gross Building Area: See Agent
Gross Land Area: 15,000 SF
Sale Price: $3,657,500
Unit Price: $61.41 PSF
Ceiling: 10 ft.
Property Use Type: Vacant/Owner-User
Building Name: Old John Ross Building
Sale Terms: Cash to Seller, Owner Financing, Build-to-Suit, Other
Last Updated: 2/18/2019

Overview / Comments

Former multi-floor car dealership in the heart of Downtown Chattanooga's explosive growth. Opportunities to develop mixed use including retail, apartments, hospitality, office, or storage. The location presents an excellent opportunity for a rooftop bar.

Property sits 1.5 blocks from the 4th Street exit, overlooking the street where that traffic feeds. The 4th Street exit is one of two exit ramps into Downtown Chattanooga's City Center and is used by most traffic headed to key attractions including the Riverfront, McKenzie Arena, UT-Chattanooga, and downtown tourist sites, hotels, and restaurants.

The property sits a short walk (less than a 0.3 mile) from Tennessee Aquarium, AT&T Field (home of the minor league Chattanooga Lookouts), Tennessee River Walk, Hunter Museum of Art, Bluff View Arts District, High Point Indoor/Outdoor Climbing Gym, Creative Discovery Museum, as well as 6 hotels, over 20 restaurants, multiple residential units (apartments, condos, townhomes), and several office buildings, including the headquarters for Blue Cross Blue Shield of Tennessee (4,400 employees) and Unum (2,800 employees).

Chattanooga's Riverfront is just 0.25 mile away, and hosts the Start/Finish for the Ironman Triathlon, the USA Cycling National Championships, the Chattanooga Waterfront Triathlon, the Seven Bridges Marathon, the 3 Mountain 3 State Challenge (Bicycle), and beginning in 2016, the Chattanooga Marathon. It also hosts the Chattanooga River Rocks Adventure Sports Festival, including the Head of the Hooch Regatta. The Riverfront is home to the Riverbend Music Festival and the Southern Brewers Festival, as well as many other athletic, artistic and cultural events.

The center of Chattanooga's Innovation District is 0.5 mile away, and TVA (4,200 employees) is 0.6 miles away.

Free shuttle provides access to Downtown Chattanooga's Northshore or Southside.

Downtown Chattanooga offers 10-Gig ethernet bandwidth *to the door* through EPB.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 135MA A 003
Zoning: D-SH-8
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: 3rd St and 4th St
Property Visibility: Excellent
Largest Nearby Street: 4th Street
Feet of Frontage: 200
Traffic/Vehicle Count: 19,500
Highway Access: Property extends from the corner of Broad St and 4th St to the corner of Market St and 4th St a block and a half from I-127/US Hwy 27.
Airports: CHA - Lovell Field
Site Description: Level, zero-line lot from original town plat. 4 Story building with potential for upward expansion. First floor is 18' with possibility for construction of mezzanine level. Floors 2 to 4 are 10'-11'. Freight elevator could literally carry vehicles.
Area Description: Fourth St has defined the general boundary between the Tourist and Business Districts in Chattanooga's downtown. This property sits on that boundary with tourism to the north and business to the south. It is surrounded by apartments, townhouses, and employers, as well as hotels, restaurants, and entertainment, all within easy walking distance. In addition, a free electric shuttle offers transportation to those parts of town that might be a bit too long to walk or during inclement weather.
Total Number of Buildings: 1
Number of Stories: 4
Typical SF / Floor: 14,890 SF
Property Condition: Good
Year Built: 1920
Roof Type: Flat
Construction/Siding: Block, Brick, Concrete
Exterior Description: Concrete, block and brick exterior awaiting redevelopment.
Parking Description: Building was constructed to hold vehicles. Parking facility might be an option, but pole spacing (25') makes it very difficult to get the density to cash flow on monthly parking only.
Freight Elevators: 1
Sprinklers: Wet
Interior Description: Currently, mostly open floors. Some residue of offices from long-former tenant on ground floor. Poles spaces
Zoning Description: The Shopfront Mixed Use (D-SH) zone is intended to accommodate a variety of residential, retail, service and commercial building uses in a storefront environment. Uses are flexible but tall ground floors with large areas of transparent glazing are required to accommodate retail uses in the future.
Lot Frontage: 200
Lot Depth: 75
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lot 21 and part of Lot 23, Original Town Plat.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,495 48,763 126,692
Median Age: 32.16 33.81 37.13
Households: 4,473 19,658 52,754


Photograph of Listing Agent

Benjamin Pitts

Herman Walldorf Commercial Greater Chattanooga REALTORS® Member
Photograph of Listing Agent

Jason A Lehn

Herman Walldorf Commercial Greater Chattanooga REALTORS® Member
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