New apartments, including some with income-restricted rents, are now open for leasing near Highland Park.
Chattanooga Neighborhood Enterprise has been working on the project, which includes 49 residential units, for about three years.
“We were able to buy 32 vacant parcels from Tennessee Temple before they closed down campus,” CNE President and CEO Martina Guilfoil said.
Of the 49 units, 41 are one-bedroom, six are two-bedroom and two are three-bedroom.
Eleven of the units are income-restricted for lower-income households.
Rent for the 39 “market rate” apartments, which CNE aims to make affordable for young professionals, ranges from $800 to $1,500 a month.
The income-restricted rents range from $462 to $884, and a lottery will be used for initial leasing of these units.
Rent from the market rate units will help subsidize the income-restricted apartments and also help CNE pay back debt on the properties, among other operating costs.
Anyone interested in applying for the income-restricted locations can sign up here, where there’s also information about what the income requirements are. Sign-ups are available through June 26. That day at noon, CNE officials will draw names to see who gets the apartments.
The income-restricted units are made possible from a grant through the city of Chattanooga’s Department of Economic and Community Development.
Guilfoil said officials will draw 11 names, as well as some backups in case the initial drawing yields people who don’t meet the income requirements.
Those whose names are drawn in the lottery sign a lease and can stay indefinitely. Once those apartments are full, there’s a waiting list to get in if turnover occurs.
There’s a commercial space on the ground floor that’s still open.
Although there’s been some interest in the commercial property, it’s come from whatGuilfoil called “passive businesses.” She’s really looking for something that will serve and activate the budding neighborhood, she said.
CNE doesn’t get any tax forgiveness for these properties, which is a challenge,Guilfoil also said.
“That’s something I’m going to be trying to work on with some of the new [City Council] people,” she said.
For more information about the Mai Bell Apartments, click hereor contact Zach Downs at 423-756-6242.