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A Chattanooga developer plans to break ground this week on a modern flatiron-style, four-level condominium and commercial project on downtown’s Southside.
Central Crossing, a 50,000-square-foot development at Central and Rossville avenues, will hold 32 condos for sale, said Matt McGauley of FTC Development.
“It will have a high-end, contemporary feel to it,” he said in an interview about the $17 million project. “It’s masonry, glass and metal.”
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One-bedroom units will sell in the upper $400,000 range, with the price for two- and three-bedroom units moving up from that point, McGauley said.
He said the building, going up on a nearly 1-acre tract now holding a small grocery store that will be demolished, is slated to open in September 2025.
Kelly Fitzgerald of SVN Second Story Real Estate Management said ground-floor commercial space is for lease or sale.
“It’s a great opportunity to invest in real estate,” she said in an interview.
Fitzgerald said there’s about 2,400 square feet available for a restaurant. Other potential business uses for the commercial space include small boutiques, financial and creative services, a med spa, salons and a fitness-related operator, she said.
“It has an iconic feel,” Fitzgerald said about the planned structure.
Jay Robinson, a broker for Keller-Williams, said by phone possible buyers of the residential condos include younger professionals looking to live on the Southside or other people who want a second home.
“The timing is perfect,” he said. “It’s definitely meeting a need. There’s a lack of inventory.”
Robinson cited Central Crossing’s location near Montague Park and the Sculpture Fields and said the area is “getting ready to explode” in terms of interest.
McGauley said that part of the Southside hasn’t reached its potential yet, even though the new building’s location is near the mixed-use Burnside development and close to a planned Fitness Central workout facility.
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The new development will offer a parking courtyard in the middle with the site holding 58 spaces, McGauley said. There’s also nearby street parking, he said.
“We’re projecting where growth will be,” McGauley said about the project, adding Central Crossing will help accelerate that expansion.
The nearby Burnside development near Rossville Avenue opened about three years ago offering residential and commercial space.
The work included renovating a former paper factory into a mixed-use complex in a 60,000-square-foot development.
Last year, fitness operator Sportsbarn sold its center in East Brainerd to a local group, Fitness Central, that also plans to open a new location in the downtown area at 2133 Rossville Ave. Group officials said earlier plans were to lease and revamp an existing building and offer 10,000 square feet of workout space.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.
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