Construction will start next week on a new town house development on the Southside.
Local real estate developer Thomas Connolly and Nashville developer Buck Snyder are teaming up on the project, which is called East by Main. Collier Construction is the builder, and the project was designed by Cogent Studio.
"The Southside is characterized by its diverse selection of local food joints, entertainment options, creative office space and art studios," Connolly said in a prepared statement. "The individuals that work and play on the Southside need unique housing options at a size and price point that makes sense for them."
East by Main will feature three-story homes with one bedroom and one bathroom. They feature a flex space that opens up to an oversized outdoor terrace. Other amenities include stone countertops, hardwood flooring, built-in shelving, efficient building practices and on-site parking.
"We designed East by Main as a collection of homes connected by a series of pedestrian paths, gardens and parking courts with the intention of creating a unique urban lifestyle," Cogent Studio architect Jared Hueter said. "With this level of density, great care was given to provide high-quality public and private outdoor spaces."
Snyder said that, just as he's seen in Nashville, there are people here, from first-time homebuyers to empty nesters, who want to live in "low-maintenance, simple town houses" within walking distance of restaurants and entertainment.
"Why spend your weekends doing yardwork or cleaning an oversized house when you could be sitting on the patio of Flying Squirrel, biking to the Chattanooga Market or enjoying a cup of coffee at Mean Mug?" he said in a prepared statement. "Not to mention these homes could also make great Airbnb or ... rentals for owners to supplement their income."
And Connolly said that the team has seen new emphasis on apartment development over the past few years, but that rents are rising and can end up being more than a mortgage payment for these town houses would be.
"While a lot of individuals will continue to rent, we also know that there are plenty of people who are ready to buy," he said. "Interest rates are still low, and unlike most condominiums, these town houses will have the option of low down payment [Federal Housing Administration] financing."
The town houses are expected to be finished in early 2017.
Price points have not been set at this time, but interested buyers can see more about the project and get presale contact information here.