RFQ on 2 Waterfront Parcels-Chattanooga, Tenessee

RFQ on 2 Waterfront Parcels-Chattanooga, Tenessee

RiverCity Company

The City of Chattanooga,through a local non-profit development organization, the RiverCity Company,has issued a request for qualifications to develop two additional mixed-use development parcels as part of the city's expansive 21st Century Waterfront Plan.

The housing components will complement the 21st Century Waterfront Plan a massive project borne out of tremendous community participation and created in public meetings in February 2002. The waterfront plan represents the largest public/private undertaking in a community known for such partnerships.

Funding is divided between the public and private sectors, with $69 million in public funds, generated primarily from a dedicated lodging tax and $51 million which was put in place through the generosity of the private sector.

The Waterfront Plan includes major expansions of the Tennessee Aquarium, the Hunter Museum of Art and an extensive renovation of the Creative Discovery Museum. On the south shore, the project includes the creation of public green spaces at Ross's Landing Park; riverfront mooring facilities; the connection of the art district to the downtown via First Street and a new pedestrian bridge; the creation of a new City Pier; a narrowed Riverfront Parkway that better accommodates pedestrian traffic; a passage-way underneath the Parkway which connects the Aquarium Plaza to the river; and additional parking

"The tremendous investment our community is making in the Waterfront will not only have a transformative effect on the intuitions and public spaces outlined in the plan, but it is already generating tremendous new on-site private development which will bring additional housing and retail units to our urban core," said Chattanooga Mayor Bob Corker.

One developer has already begunm construction of a $17 million mixed-use development featuring residential, retail and a public parking facility.

The two housing parcels now ready for development sit on either side of First Street, which will be reopened to connect Ross's Landing Park & Plaza and the Tennessee Aquarium with the expanded Hunter Museum of Art.

Guidelines call for a maximum height of four stories with retail on the ground floor. The RFQ is being issued by the RiverCity Company, which is serving as the coordinating developer on behalf of the Chattanooga Downtown Redevelopment Corporation.

Interested developers may request a copy of the RFQ by contacting RiverCity at 423-265-3700. The deadline for submissions is May 12, 2004.

The RiverCity Company, which is responsible for downtown development, elevated housing to the top of its priority list three years ago, and Mayor Corker has also made the addition of downtown housing a priority.

Related Link: Waterfront Development Parcels --RFQ

For more information contact:

Ken Hays
RiverCity Company
850 Market Street
Tn 37402

Phone: 423-265-3700
Email: [email protected]
Web: http://rivercitycompany.com/

Posted April 19, 2004

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