In my first month in town I put an offer on this building when it was 100% vacant. It’s now nearly 60% occupied and getting close to being a real value play. Especially with FreighWaves moving in and planning such aggressive growth. Caveat is that startups can be very fickle tenants. Regardless it’s a great sign.
The critical question that I have wrestled with in looking at all buildings here is ‘Where are all the tenants?’ More businesses like this will help everyone and shore up the values in the commercial real estate market:
This one has been down the aisle a couple times already but wasn’t able to close. Hopefully the new owners will have the vision and capital to make something good happen here:
TFP picked up on the new preschool redev that has started:
Given the asking lease rates and nonobvious parking for the additional retail on the site I suspect it may be awhile before the remaining retail is picked up.
From the unveiling meeting yesterday detailing the plans for the huge site on the West side of downtown. This is going to be a pretty amazing project for the city:
Affordable housing is a substantial issue in most communities. Especially those, like Chattanooga, that are in a growth cycle. The numbers presented here are pretty compelling and follow the story of the city being overbuilt and built from the developer rather than the demand of the renter:
Here’s the detail on a little parcel downtown that sold last fall for ~$900k. I took a look at it and couldn’t make sense of it. I do think there’s room for it I just hope there are buyers. We shall see.
Right on schedule the residential market is cooling. Watch for the commercial market to follow around the third quarter: