Parkway Towers. Chattanooga, TN
The concept of the development is to convey in general terms, the methodology that would be utilized to convert the areas surrounding the parkway towers into a viable active adult lifestyle community with the Tennessee pavilion as the heart of the development.
The developers will be utilizing existing structures together with new structures using supplemental private funding to bring life and energy to currently under utilized facilities, while adding outside economic investment in Chattanooga that will convert financial drain into income and an increased tax base.
Phase One – September 2008 to December 2009
This phase involves the remodel of the “parkway towers” building that is currently owned by a private owner. It will hold two commercial stories under 8 stories of 20-30 mid to high priced residential condominiums with enclosed parking and a “green roof”. For this phase of the developer will require the small parcel immediately to the south of the parkway towers. In the small parcel located south of the building the developer plans on the possibility of adding a two story building with a terrace that will allow for food and entertainment, maybe retail or commercial space. If this is not done during this phase, it will be done once the density of the development calls for it. Developer recommends second egress and egress to the back parking of the pavilion to be moved to the curb coming in from Riverfront Parkway.
Phase Two – January 2010 to December of 2011
Phase two involves upgrading the Tennessee Pavilion, by enclosing a third of the space for year round use by public and private parties, adding a kitchen and serving area to provide food service on a full time basis for both private and public events.
This phase also involves converting the existing shell structure north of the Pavilion into commercial/retail space on the ground floor, and 15-20 mid to high priced residential units on top. The developer would also like to have the right of adding residential units on top of the Tennessee Pavilion as long as units can be sold to a market that would not mind having public activity underneath their residences.
Phase Three – 2012 to 2014
Phase three involves mid priced commercial and residential condominiums, totaling 4-6 commercial units and 30-40 mid priced residential units. Commercial units will be focused on the life needs of the community residents. For this phase the developer will require the parcel tagged in the site plan as “phase 3”. If the new 2 story commercial building with rooftop to the south of the parkway towers is not created in either phase one or two, it will be added in this phase. By then, the development should have enough density to support a commercial rooftop building.
Phase Four – 2014 to 2016
Phase four involves a mixed density urban housing, totaling 30-40 very accessible to mid price ranged townhouses and condominiums. The developer’s idea is to be able to start units in this phase of the development from the mid 150’s. This phase also includes a 10-20 unit high end residential apartment building for the out of state employees of the surrounding businesses in the area. (Alstom, Siskin Steel, Blue Cross Blue Shield, Cigna, and TVA) for this phase the developer will require the parcel tagged in the site plan as “phase four”. This phase also involves the creation of a 5 mile running track that will allow for bicycle and walking circuits as well. For this phase, the developer will require the city to cooperate with a soundproofing wall that will prevent from noise caused by the interstate.
Phase Five – 2016
Phase five involves the conversion of parking area to lower density to allow more vegetation and decreased build up as well as to give dedicated areas for resident’s activities.
Phase Six – 2016 to 2019
Phase six involves one to two 6-10 story midrise buildings with 30 to 45 mid to high priced residential units with a commercial/retail/food ground level to bring the density of the entire development for the best economic and social optimization.
To make it easier for the city, the developer suggests the city disposes of the property into four phases, leaving phases one, two and three as is, and the parcels needed for phases four and six to be disposed as soon as phase 4 starts.
The shape, or situation of this buildings may change, but the purpose, and idea of the development will always stay the same. This development plans on bringing a minimum of 135 residential and 20 commercial spaces, and a maximum of 210 residential and 35 commercial spaces, depending on the market allowance.
