New Owners Of Alstom Property To Keep Plant, Add Mixed-Use

Monday, July 2, 2018

Revitalization plans are in motion for the former Alstom plant and adjacent buildings and land, which will reimagine this section of Chattanooga riverfront. Urban Story Ventures and new partnership, West End Property, LLC, plan to keep the Alstom Turbine plant, recruit a manufacturer and renovate the remaining area for mixed-use, which will provide living, working and recreation opportunities and create hundreds of jobs.

 

Jimmy White, principal in West End Property, LLC and owner of Urban Story Ventures, said, “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002.

The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors. We envision a development that will be internationally recognized for its innovative approach and greatly enhance Chattanooga’s reputation as a top mid-size city.”

 

West End Property, LLC is engaging the nation’s leading land planners to provide input in developing the area they refer to as the West End. It is approximately 112 acres, including the former Alstom plant and adjacent land.

 

The Alstom property includes a LEED Gold Certified, state-of-the-art manufacturing facility with specialized equipment and 509-ton crane capacity - the highest weight capacity inland waterway crane on the Tennessee River. Two interstate access points - West Main Street and ML King Boulevard - make it highly marketable to a future manufacturer and new jobs, the group said.

 

Hiren Desai, part owner of West End Property, LLC and CEO of 3H Group, Inc., said, “The existing infrastructure is unlike any other property in the Southeast. It’s unique riverfront with a sophisticated plant and endless accessibility. It's time for activity to be happening in this district. We see the West End as the next frontier for Chattanooga, and its revitalization is going to attract jobs and visitors from all over."

 

The site adjacent to the former Alstom plant will include office spaces, restaurants and residences as well as a combination distillery, brewery and winery - a first in Tennessee. West End Property, LLC believes the resulting district will be a model for mixed-use projects that include industry alongside residential, retail and recreational areas. Inspiration for the mixed-use project comes from communities like Seaside in Florida, Navy Pier in Chicago and Venice, Italy, it was stated.

 

The Tennessee Riverwalk runs through the West End and the planned renovations include access for smaller watercraft like paddleboards and kayaks. Main Street and ML King Boulevard terminate at the property, creating easy connections for people to the Riverwalk and to future businesses in the West End, it was stated.

 

“In acquiring the property, we want to be responsible stewards of the facility, keep it in local hands and return this property to productive use,” said Mr. White. “The development of this site is important to Chattanooga’s long-term growth. We’re eager to have industry return and good-paying jobs, while adding live, work and play options for the entire district.”

 

West End Property, LLC has engaged CBRE to facilitate the marketing of its future vision. Sim A. Wilson III, senior vice president and principal broker of CBRE’s Chattanooga office, will lead the marketing efforts for the sites.

 

He said, “West End Property, LLC has been very intentional about its review and acquisition of these significant landmark properties. CBRE is very pleased to have the opportunity to use our global market breadth to present these impressive sites to future users, investors and developers.”

 

The entire West End will be built out over the next 10 years with work starting immediately, officials said.

 

Urban Story Ventures is one of Chattanooga’s largest property groups - the company’s portfolio includes properties located in downtown and midtown including Aerisyn, the Dome Building, the Edney Innovation Center, the James Building, King Street Station and Midtown Office Park.


Geoff Ramsey: September 2018 Residential Market Report

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

Invista Sells Property On Amnicola Highway For $9.6 Million


Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although ... (click for more)

A 10-acre site near the Volkswagen exit of I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was ... (click for more)

Invista Sarl has sold property across from Chattanooga State Community College for $9.6 million. The property is at 4500 Amnicola Highway. The sale was to 4500 Amnicola LLC. Invista ... (click for more)


Real Estate

Geoff Ramsey: September 2018 Residential Market Report

Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward ... (click for more)

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

A 10-acre site near the Volkswagen exit of I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was to Big G 3 Llc from Pattillo Construction Co Inc. (click for more)

Breaking News

WWTA Releases Timetable That Would Have Ooltewah Sewage Treatment Plant In Operation By 2025; Public Meetings Set At Central High

The Hamilton County Water and Wastewater Treatment Authority has released a timetable that would have a new sewage treatment plant in Ooltewah in operation by 2025. A request for a site at Mahan Gap Road goes before the Planning Commission at Nov. 12 at 1 p.m. It goes to the County Commission Zoning Committee on Dec. 12 and the full commission on Dec. 19. The WWTA also ... (click for more)

Downtown Post Office Finally Getting Handicap Ramp

Chattanooga's Downtown Post Office, after some lawsuits and numerous complaints over the years, is finally getting a handicap ramp. Federal Judge Sandy Mattice said the complaints had increased in recent months and the General Services Administration agreed to fund the project at the historic building on Georgia Avenue. The judge said, "It's a beautiful building, but it's ... (click for more)

Opinion

Too Many Questions

First it was about 2,000, then we were told it’s up to 4,000. We have no way of knowing who’s coming or what their purpose is. NBC and CNN assure us they are seeking sanctuary but how can we know? Neither Honduras or our subjective media in America have been honest with us in the past. So, how do we know why that many people are marching across Central America? Then this morning ... (click for more)

Roy Exum: An Answer For Amy

Amy Schumer, whose cousin is Senate Minority leader Chuck Schumer, is said to be a very successful comedian and an activist of note. You may remember her most recent appearance was when she was arrested at the U.S. Capitol three weeks ago. She was part of a disgraceful mob who unlawfully protested the nomination of Brett Kavanaugh and the hunch is Amy wanted to get arrested so she ... (click for more)