Part 2 of 3
CHATTANOOGA, TN—In part two of this three-part series of redevelopment happening around the country, we chat with McCormick & Co./CORFAC International on one of its latest projects. Along with Noon Development, the firms are renovating and marketing the three “Fleetwood Coffee” buildings on East 11th Street into office, retail and multifamily units.
When complete, the 90,000 square feet will have two restaurants at the street level – about 6,000 square feet, 30,000 square feet of office space and the balance will be apartments and condominiums. The project is on the outer edge of the Central Business District and in an area of the city designated as an Innovation District, which is intended to draw entrepreneurs, tech startups and other creative-based businesses.
The original building of approximately 45,000 and five stories (Fleetwood Coffee) was constructed in 1906 and the two others were built shortly thereafter. The Bennett Hubbard Candy Building is about 21,000 square feet in three stories while The Albert Theatre Building is also three stories and about 24,000 square feet. The three buildings are connected in a contiguous row.
The combined property was originally used by a grocery wholesaler. Fleetwood Coffee took over the tallest building in 1929.
McCormick principal Gerald McCormick exclusively tells GlobeSt.com that the reason the redevelopment and conversion is viable now versus 15 years ago (when GlobeSt.com first launched) is that “in 2000 this area of town was basically an abandoned industrial area containing mostly empty buildings at a time when it was not fashionable to live in downtown Chattanooga.”
He explains that “It has only been in the last eight to 10 years that people have begun to move back downtown and that process has accelerated as the downtown amenities have followed such as restaurants and outdoor events.”
There is actually a housing shortage downtown now, he adds, “and that only creates more momentum for businesses and more housing.”
Another catalyst, he says, “has been public-private partnerships between local government and private business that has helped make downtown Chattanooga attractive for investment.”
Check back with GlobeSt.com for part 3 of this series, where we look into a redevelopment project happening in Charlotte, NC.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
