Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, has listed Parkway Towers in Chattanooga.
“This historic building will gather a lot of attention from developers, not only because of its location but also for its high visibility on the city skyline,” says Peter Malone, senior associate.
Parkway Towers was built in 1920 and is across the street from the University of Tennessee at Chattanooga football stadium. The five-story, 19,617-square-foot office building originally served as a Tennessee Electric Power Company substation, storing electricity generated at the Hale’s Bar Dam in Marion County.
The Southside Historic District neighborhood has a concentration of early 20th and late 19th century industrial buildings. It has seen several new developments, including Naked River Brewing Company, Wander Linger Brewing Company and Southside Social, along with many other restaurants and bars.
Nearby established venues include The Chattanooga Choo Choo Hotel, the Chattanooga Brewing Company, the Frothy Monkey and the Terminal Brew House.
Marcus & Millichap says the property should meet IRS requirements for Opportunity Zone regulations and upgrade requirements. The property will most likely qualify for Historic Tax Credits as well, the firm says in a news release.
“This property’s location in the Southside Historical District provides an outstanding redevelopment opportunity for hotels, condos, offices, mixed uses and more, says Marcus & Millichap associate Rob Lyons. “Chattanooga is a growth market, and the Gig City has attracted entrepreneurs and businesses to take advantage of its fast and affordable high-speed internet service.”
Malone, Lyons and associate Thomas Fakharzadeh, all located in Marcus & Millichap’s Nashville office, have an exclusive listing agreement to market the property on behalf of the seller, a private investor.
Source: Marcus & Millichap