Some background: RCLCO Real Estate Consultants also did a market analysis for Chattanooga back in 2013.
Why do a new study? Chattanooga has changed quite a lot in the past 10 years, and this analysis specifically focuses on forward-looking market opportunities for multi-family rental, for-sale residential, student housing, office, retail, and hotel development downtown.
“The market is hungry for new downtown residential options, and there is a strong opportunity to bring residents to historically commercial parts of downtown and create a truly mixed-use environment with places where visitors and residents can live, work, and play.” — Erin Talkington, managing director at RCLCO
Major findings:
Rental housing (pg. 8) | Opportunity for new rental products (especially multi-family + affordable housing), opportunities for adaptive reuse
For-sale housing (pg. 9) | Opportunity for new supply (particularly condominium conversion or adaptive reuse)
Office (pg. 10) | Older buildings at risk of under-utilization or vacancy, new products necessary for retention + growth. Planned new office space will likely threaten older office buildings (but, there’s an opportunity to convert these buildings to creative offices with smaller floor plans or residential units)
Hotel (pg. 11) | On track with the current pipeline — weekend occupancy has fully recovered, weekday travel hasn’t rebounded to pre-pandemic levels (but, average daily rates have risen to fill that gap)
Retail (pg. 12) | Broadly balanced, but lack of “daily needs” retail (e.g., residential focused and grocery options) is a major weakness
Points of interest identified by RCLCO, found on pg. 21 of the study. | Screenshot via “Strategic Market Analysis for Future Urban Development” by RCLCO
Critical success factors
Market-driven adaptive reuse
Retail-residential synergy
Attracting business travel
Efficient public transit
Effective placemaking
“As Chattanooga continues to welcome new residents, property is redeveloped and new developments take place, it is essential that we find the right mix of housing, retail, hospitality, and office space in this post-pandemic environment.” — Emily Mack, president + CEO of River City Co.
Music Social Night | Tuesday, Feb. 28 | 6 p.m. | Barrelhouse Ballroom, 1501 Long St., Chattanooga | Free, RSVP | Spend an evening networking with fellow Chattanooga music makers + enjoy a live performance by Swayyvo.
“Chicago” | Tuesday, Feb. 28-Thursday, Mar. 2 | 7:30 p.m. | Memorial Auditorium, 399 McCallie Ave., Chattanooga | $55-$85 | Come out for a classical musical filled with jazz and “the most astonishing dancing you’ve ever seen.”
Wednesday, March 1
Lunch & Learn: Managing Debt and Saving Money | Wednesday, Mar. 1 | 12-1 p.m. | The Chattery, virtual | $15 | This workshop will help you find ways to save money, budget, and determine which debt pay-off method is best for you.
Thursday, March 2
Ladies Who Launch Happy Hour | Thursday, Mar. 2 | 5:30-7 p.m. | Common House, 1517 Mitchell Ave., Chattanooga | Free, RSVP | Celebrate Women’s History Month with themed cocktails and networking opportunities.
Introduction to Film and Television Acting in the Southeast | Thursday, Mar. 2 | 6-7:30 p.m. | The Chattery, 1800 Rossville Ave., Chattanooga | $35 | This class will feature a conversation with Caroline Locorriere, owner of Nashville Acting Studio, about the ins and outs of working as an actor in the Southeast.
We have a calendar filled with events and activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.
Hamilton County residents can now text 911 in case of emergency. The county recently rolled out its text-to-911 service, which can be helpful in situations where calling is difficult or dangerous. Once a text is sent, a dispatcher will respond live and be able to see your approximate location. 📱 (Chattanooga Times Free Press)
Coming Soon
A new modern Ramen + Katsu house is coming to Chattanooga. Attack of the Tatsu will feature big bowls of ramen, traditional small dishes, Sake, and Japanese Whiskey at 818 Georgia Ave. — keep an eye out on the spot’s Instagram page for updates.
The Local Dive Retail, a new consignment store featuring 30+ vendor booths, will open its doors on Saturday, March 4. Shop from locally made goods, mid-century + retro furniture, vintage finds, and more at its location at 607 Cherokee Blvd.
Community
For Women’s History Month, the Chattanooga Alumnae Chapter of Delta Sigma Theta Sorority, Inc. will host a Women’s Commemorative Suffrage March on Friday, March. 3 at 12 p.m. The march will begin at the Hamilton County Courthouse and end at Miller Park with a formal program.
The city will observe its 34th Arbor Day Celebration on Saturday, March 4 at the Shepherd Community Center. Volunteers of all ages can participate in planting field-grown trees + perennial flowers, tree pruning demonstrations, outdoor games, and more. 🌳
Cause
The City of Chattanooga Parks Stewards program is in need of volunteers to remove invasive plants at Renaissance Park on Saturday, March 4. Volunteers can sign up online for the Weed Wrangle which will take place from 9 a.m.-12 p.m. — gloves and tools will be provided. 🌿
Ruby Falls has accepted the American Heart Association’s 100 Million Steps Challenge. Ruby Falls team members + guests will aim to collectively walk 100 million steps at Ruby Falls during the month of March to raise awareness for cardiovascular disease and stroke. ❤️
Ranked
Rembrandt’s Coffee House was recently ranked the best coffee shop in Tennessee by TastingTable. The spot’s Mediterranean architecture, generous menu of specialty coffee choices, house-made chocolates, and macarons were highlighted. ☕
Kids
The Creative Discovery Museum recently opened its newest permanent exhibit,“Little Farmhouse,” for children five years and under. The exhibit aims to teach children how a farm works while growing their motor, cognitive, social-emotional, and language skills. 🌻
Children ages 4-10 are invited for a Beatrix Potter-themed tea party at Mountain Oaks Manor on Saturday, March 25. Kiddos can come dressed in their afternoon tea clothes as they listen to the stories of “Peter Rabbit” (complete with a photo op with live bunnies). Register online to attend. 🫖
Traffic
Reggie White Boulevard between W. 19th Street + the Chattanooga Skate Park parking lot will be closed Friday, March 3 at 6 a.m. until Sunday, March 5 at 5 p.m. for the Chattanooga Marathon. Detours will be posted.
Job
Chattanooga Sports League is currently hiring for multiple positions across leagues and locations for the spring season. Positions ranging from umpires and referees to league managers are available. Learn more + apply online.
Edu
Looking to expand your education in 2023? ChattState can help. The first step to becoming a ChattState Tiger is identifying your student type(think: first-time, returning, workforce development, or lifelong learner). The result: Enrollment information customized to your education journey. 🐅*
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SEASONAL
Let’s get fiscal
Filing your taxes in Chattanooga, TN
Don’t let tax season be a stressor — these resources can help. | Photo via Unsplash
For better or worse, it’s that time of year again — tax season. Before you stress, we’re here to share some guidance for filing.
Ready to get started filing your taxes? File online with H&R Block’s four different filing options, from free to Premium. Or, file with a tax pro’s help. Don’t forget, the last day to file your taxes is Tuesday, April 18.*
Editor’s pick: How ironic is it that just when I left for Chicago, Chicago came to Chattanooga? Well, “Chicago” the musical, that is. The production is showing now through this Wednesday at Memorial Auditorium. I’ve only seen the musical once, a few years ago when UTC put it on, and I’ve been singing “Cell Block Tango” ever since.
Editorial:Brianna Williams, Kristen Templeton, Josh Kranzberg, Emily Shea, Jessalin Heins-Nagamoto, Dayten Rose, Sarah Leonhardt, Katie Smith | Send us a scoop, question, or feedback.
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