Urban Story JV Eyes $350M Mixed-Use Chattanooga District
The project is part of a broader adaptive reuse development.
Urban Story Ventures and Hill Partners will develop a $350 million, mixed-use district part of the master-planned The Bend in Chattanooga, Tenn. Groundbreaking is scheduled for 2027, while completion is set for fall 2028. Perkins & Will will be in charge of architecture and design.
The district will rise on a 28-acre site within The Bend, the 120-acre redevelopment of GE Power’s former Alstom manufacturing site, according to Chattanooga Times. Plans call for 476,000 square feet of development, including 218,000 square feet of retail space, 230 residential units and 41,000 square feet of office space.
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The district will be adjacent to VENU’s $300 million, 12,500-seat Sunset Amphitheater Chattanooga, which is set to finalize in summer 2028 on roughly 15 acres. Upon delivery, the district and amphitheater will make up $650 million of vertical development at the The Bend.
Close up on a master-planned project
The Bend is an adaptive reuse project initially designed by Dover, Kohl and Partners to include more than 1,000 residential units, some 1.2 million square feet of retail and entertainment space and 1 million square feet of office spaces, as well as some 600 hotel rooms, green spaces and a marina with 300 slips.
Located at 1067 Riverfront Parkway, The Bend is also part of One Westside, an initiative which includes the redevelopment of Chattanooga’s adjacent Westside community. The two projects are connected through a $115 million tax increment financing agreement that requires 10 percent of The Bend’s housing units to be designated as affordable.
In January of this year, Hilco Global provided a $47.5 million recapitalization loan for The Bend. The financing allows Urban Story Ventures to sell individual parcels to vertical developers and introduce additional equity partners.
Some of Tennessee’s mixed-use projects
Multiple mixed-use projects are changing the way Tennessee’s urban cores look, with Nashville having maybe the priciest developments with mixed-use design in the making. One of them is the $2.5 billion Riverside megadevelopment, set to include 5 million square feet of mixed-use space, comprising residential, retail, office and entertainment facilities.
In Chattanooga, Barbera Development recently broke ground on Station 33, a 500,000 square-foot development expected to comprise hospitality, office, residential and retail space, among others, The Pulse noted.
Meanwhile, Merus has started work on the upcoming $450 million Rivergate redevelopment in Goodlettsville, Tenn. The project will covert a former mall into a walkable, 57-acre retail district and is expected to continue in phases through the early 2030s.
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