Riverfront Project Breaks Ground in Vibrant Chattanooga
- Oct 17, 2019
The Beach Co. is expanding to the Chattanooga, Tenn., market with the development of River Rock, a 163-unit, mixed-use community in the city’s downtown Riverfront district. The project, which will also feature 16,000 square feet of commercial space, is scheduled for completion in spring 2021.
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The Charleston, S.C.-based real estate development and investment firm was attracted to the Chattanooga market because of its “excellent job growth, natural setting, vibrant downtown, quality of life, strong and growing economy, good healthcare systems and the people,” Alan McMahon, development manager at The Beach Co., told Multi-Housing News. “(The city) ranks high as an attractive place for visitors and for residents of all ages to live.”
McMahon also noted that River Rock will play a large role in creating a pedestrian-friendly and vibrant area for locals and visitors in the Riverfront district.
Situated on 2.79 acres just two blocks from the Tennessee River and the Walnut Street Pedestrian Bridge, River Rock will have 151 studio, one-, two- and three-bedroom apartments and 12 townhomes with attached garages. Amenities will include smart door locks, designer kitchen and bath fixtures, tile backsplashes, stainless steel appliances, side-by-side refrigerators, and washers and dryers in every unit. Community amenities will include reserved parking, state-of-the-art fitness center, residents’ club room, pool and gathering area.
McMahon said the commercial space will likely include restaurants and a combination of office and retail space that will support the River Rock residents and surrounding neighborhood and workforce.
Located in the center of Tennessee’s second fastest growing city, River Rock’s proximity to the waterfront will allow residents to use the Chattanooga Riverwalk, a 13-mile scenic path along the Tennessee River’s south bank that winds through several parks. It is also near the city’s downtown area for shopping and dining and a short walk to nearby attractions including the Bluff View Art District, Chattanooga Lookout’s AT&T Field and Ross’s Landing.
In August, The Beach Co. Senior Vice President of Development Dan Doyle told MHN the Southeast United States, particularly North Carolina and South Carolina, are seeing demographic increases as people are attracted to the region’s significant job growth, relatively lower cost of living and overall better quality of life. There’s an increasing demand for housing, including new development, to meet the demand. He described several of The Beach Co.’s projects in the Carolinas, including The Jasper in Charleston, a 12-story, mixed-use building with 219 multifamily units, 75,000 square feet of office space and 25,000 square feet of retail. Canvas in Greenville, S.C., is a combination of new construction and renovation of a landmark downtown office building in the Greenville Heritage Green Arts District. The firm is building 48 multifamily rental apartments and 31 for-sale townhomes along with retail and office space.
In July, Beach Investment Management, an affiliate of The Beach Co., acquired Reserve at Sweetwater Creek, a 156-unit garden-style community in Austel, Ga., for $19 million from Arcan Capital. The community is located north of Interstate 20 in the Atlanta metro region and within a 30-minute drive of Hartsfield-Jackson International Airport.