CHATTANOOGA, Tenn. — The first big private housing project in the Foundries District will break ground next month on a lot just north of Erlanger Park, the new home of the Chattanooga Lookouts.
The plan is a six-story building with approximately 287 apartments. A 550-space garage will go up nearby to hold residents’ cars, future shops and offices, and extra parking on game nights. The building will sit behind the left field concourse of the ballpark, beside the Tennessee Riverwalk, so upper floors will look out on the field, Lookout Mountain and the Tennessee River.
Groundbreaking is set for 10:30 a.m. on Friday, Nov. 13. Work is to start soon after, and the developers expect the building to be finished in fall 2028. The project has been estimated at $100 million.
New City Properties, which serves as master developer for the whole district, is leading the project. Its investment partners are EBSCO Real Estate and Sweetwater Holdings. New City president Jim Irwin said the partners chose to move ahead even with a tough economic backdrop.
The apartments are one piece of a larger effort to rebuild the old U.S. Pipe and Wheland Foundry site, a former industrial tract that now holds the ballpark. The district is meant to tie South Broad Street to downtown, nearby neighborhoods and the river.
Backers say the building is the first of several private investments the ballpark is expected to draw, adding residents, jobs and tax dollars on the south side of the city. A partner at Perimeter Properties said the aim is a neighborhood that stays busy all year, not only when the Lookouts are home.
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