Atlanta developer G.K. Johnson
An agreement has been reached for Atlanta developer G.K. Johnson to build a major residential project along Chattanooga's rapidly changing riverfront.
Mr. Johnson said earlier he planned to erect a 15,000-square-foot building that will have 71 residential units and an underground parking area.
Ken Hays of the RiverCity Company said negotiations have been ongoing with Mr. Johnson, and it has now been agreed he will pay $1.1 million for Parcel 3A of the 21st Century Waterfront Plan.
That is along the redesigned Riverfront Parkway near the Olgiati Bridge.
Mr. Johnson also may eventually purchase two nearby parcels for further development, Mr. Hays said.
He is due to have his plans ready by the end of December along with his budget and proposal for including minority firms.
Mr. Hays said the plans are subject to the approval of the Design Studio.
Mr. Johnson will have until July 2005 to act on the other two parcels.
The Kinsey Probasco firm is also planning a major riverfront project. It will be at the Smokestack Lot next to the IMAX Theatre.
It will include a parking garage and retail.
Mr. Hays said bids will be received next Wednesday on demolishing the Haney Building on Chestnut Street.
He said that lot will be used for surface parking to make up for the space lost during the construction of the parking garage at the Smokestack Lot.
The Haney Building lot will eventually be a prime development spot, and some developers have already expressed interest, he said.