Town houses planned for Southside
A unique housing concept will begin to take shape next week on Chattanooga’s Southside when a developer begins building 21 one-bedroom, one-bath town houses.
“There are a bunch of trends in time and location in which one-bedroom town houses make sense,” said Buck Snyder of Veras Co., who is teaming with Chattanooga developer Thomas Connolly for the $3 million project.
Connolly said he expects the three-story units at 510 E. Main St. to each be about 930-square-feet in size and cost in the low $200,000 range, though the developers are still working through pricing.
The town houses will appeal to millennials and others who want a simple lifestyle, the developers said, potentially including empty-nesters.
Connolly said the units will be smaller than a lot of housing in the area in which prices are approaching $450,000.
“We saw a market void,” he said. “A lot of folks hang out and work and there wasn’t a lot being built that fit in their lifestyle.”
Work on the project, dubbed East by Main, is slated to start next week at the project site across Main Street from Velo Coffee Roasters, Connolly said.
The Southside is seeing a variety of new housing, ranging from single-family units off East Main to apartments at Main and Market streets and both on and off South Broad Street.
Snyder said that from his Nashville perspective, Chattanooga’s Southside is an emerging market.
“It’s walkability, a local community of neighborhoods, retailers which are mom and pop shops,” he said. “It’s where people live, work and play.”
Connolly said the Southside has a diverse selection of “local food joints, entertainment options, creative office space and art studios.”
“The individuals that work and play on the Southside need unique housing options at a size and price point that makes sense for them,” he said.
Connolly said there has been a lot of emphasis on building apartments in the last few years, but rents have risen sharply. He said some rental rates are much higher than a mortgage payment on one of the East by Main units.
“While a lot of individuals will continue to rent, we also know that there are plenty of people who are ready to buy,” Connolly said. “Interest rates are still low and unlike most condominiums, these town homes will have the option of low down payment FHA financing.’
Snyder said East by Main is his first Chattanooga project though he is eyeing a second on the city’s North Shore.
“Just like I’ve seen in Nashville, I know there are a lot of people out there … who want to live in a low-maintenance, simple town home that is a short walk to everything,” he said.
Contact Mike Pare at mpare@ timesfreepress.com or 423-757-6318.