A Knoxville-based developer is building a five-story, 158-unit apartment building, slated to open in the fall, on South Broad Street.
“We are always looking for good urban sites and they are hard to come by,” John Murphy with J.A. Murphy Group said.
The new complex, which is a $28 million project, has apartments that feel more like condos and there will be studio, one and two-bedroom spaces ranging in cost from about $1,100 to $2,200, Murphy said as preliminary numbers.
The entire building is 125,000 square feet, which includes 189 parking spaces.
“Basically what we’ve done is we built the structured parking lot and then wrapped the units around…” he said. “The interesting thing about Chattanooga is they don’t require any parking for multifamily housing, but I would never build anything without parking.”
Amenities at the apartments will include a pool, fitness center and clubhouse, and the apartments have 8 to 12-foot ceilings.
There was a four-story warehouse, which Murphy initially wanted to incorporate into his plans for the acre and a half of land, but that plan didn’t work out, he said.
Although based in Knoxville, J.A. Murphy Group has multimillion-dollar developments in the Midwest and Southeast, Murphy said.
Chattanooga is seeing more interest from out-of-town developers, most of which are from the region in areas such as Knoxville, Nashville and Atlanta, River City Co. Marketing and Communications Amy Donahue said via email.
“In terms of out of town developer interest, it has become more common in the last four years,” she said. “We see about 50/50 local versus out of town developers doing projects in the downtown area today.”