Gov. Bill Haslam is also expected to sign two other local measures that affect alcohol sales.
The approval of House Bill 154 would allow for alcohol sales at Finley Stadium during events such as soccer games that don't involve UTC.
If the governor approves House Bill 153, the Chattanooga Theatre Centre will be able to sell alcohol.
"The people that own small businesses that surround Station Street asked me to do that," he said. "It allows people to eat in those restaurants, and if they have a drink, they can carry the drink out at certain times."
The change could improve business for the area's eateries and entertainment venues, McCormick also said.
The Chattanooga Choo-Choo, Stir, The Comedy Catch, The Terminal Brewhouse, Revelry Room and Frothy Monkey all surround Station Street.
The thoroughfare intersects with Market Street, where Tennessee Stillhouse, Paper Moon Portraits, The Hot Chocolatier and other attractions are located.
Just south of Station Street is Main Street, which has blossomed with business and residential development in recent years.
The street was designed with the potential to shut down on occasion for festivals or other events.
Alcohol consumption on the street will likely be utilized when there are events or festivals.
Haslam is expected to approve the bill.
Station Street was formerly 14th Street. Click here for more background about that.