700 E 10th St is aland property for lease in Chattanooga, TN.
Excellent development site within walking distance of the expanding UTC campus and downtown amenities. Located one block south of MLK Blvd.
This site is 1.6 Acres +/-, zoned R4. Together with the adjacent parcels, available from separate willing sellers, there is a potential assemblage of 2.83 Acres +/-.
Great opportunity to tap into the unmet demand for multifamily rental units for both student and workforce housing.
The subject site lies within the boundary for the Downtown Chattanooga Residential Payment in Lieu of Taxes Program. The PILOT Program is administered by The Health, Education and Housing Facility Board and the City of Chattanooga, with Special Assistance by The River City Company.
The PILOT Program is a financial incentive that is designed to encourage multi-family rental development, while also promoting the construction of affordable units, in and around the Downtown Chattanooga program boundaries by “freezing” property taxes at the predevelopment level for a predetermined period of time.
To be eligible for a PILOT, the building renovations, site improvements, or new construction must be:
1. 50% or greater, for rent, residential.
2. The development must be within the program boundaries as described above.
3. 20% of the units must rent at 30% of the Low (80%) Income Limits for the Area Median Income (AMI), as determined by HUD for Hamilton County, TN
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- Joseph V Williams, agent and Rofo Pro