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ABOUT THE SITE* Location: 701 Cherokee Blvd.* Building size: 11,834 square feet* Sale price: $2.5 million* Year built: 1981* For more information: Rusty Hall of RH Real Estate LLC
Chattanooga's North Shore is undergoing a slew of new developments, and a Cherokee Boulevard parcel that's for sale offers both an existing building and lots of parking.
The property, located at 701 Cherokee Blvd., is 1.3 acres in size with a two-level building of nearly 12,000 square feet.
The site is positioned for redevelopment into a multi-family or retail mixed use, according to broker Rusty Hall of RH Real Estate LLC. The tract is the largest available on Cherokee Boulevard, according to Hall.
In addition, the property offers more than 200 feet of road frontage and street access from both sides. An office building currently sits on the location, which Hall says is "generating a nice income."
Cherokee Boulevard is seeing an array of new apartments and commercial space.
The biggest new project yet on Cherokee - a 190-unit, $37 million apartment complex by Bristol Development Group of Franklin, Tenn. - is well under way. The complex is going up at Cherokee and Manning Street on the former site of The Loft restaurant.
At Cherokee and Manufacturers Road, Vision Hospitality Group is finishing an apartment complex that officials estimated will cost "north of $10 million." Vision, Chattanooga's largest hotel developer, is raising the five-story, 84-unit apartment building with retail on the ground floor on a vacant lot near Renaissance Park.
Chattanooga developer Fletcher Bright Co., recently completed work on a $6 million makeover to an existing commercial structure on Cherokee to bring in a mix of retail, office and restaurant space.