Urban Story Ventures plans to break ground this month on a Class A industrial building. The $28 million Riverport development is an expansion situated on 19 acres within the Centre South Riverport Industrial Park, which is located in the industrial corridor along Amnicola Highway and the Tennessee River.
With a 3% industrial vacancy rate as of late 2023, Chattanooga’s market for industrial employers is strong but laboring to meet the demands of businesses eyeing the Scenic City for their expansions and relocations, says Jimmy White, Urban Story Ventures president.
The new build is a solution to Chattanooga’s need for more Class A industrial space, White adds.
“A decade ago, we made our first investments in the industrial market at a time when just about everyone else, including most financial institutions, turned away. Several years and over a million and a half square feet later, we’re making another significant investment to attract one of Chattanooga’s next big employers.”
Urban Story Ventures has recruited several industrial tenants to the local market, including Novonix, Lincoln Electric, HEF USA and Micronics at the Bend, and Fortis Products at Riverport, where the company is developing the 19 acres that stretch from the back of Fortis’ existing facility to the river.
“We purchased the Riverport site back in 2020 when Mahindra, who was manufacturing tractors, exited the market,” recalls White. “We then leased a portion of the site to Fortis, which was looking to expand their modular wall system business.”
Fortis has over 60 employees today and brought in $9.6 million in sales last year. With their growth in recent years and need to expand their footprint, Urban Story Ventures sold the space they previously leased, as well as the adjacent developed grounds, to Fortis’ owners at the end of 2023. The new Class A building construction will start where Fortis’ pavement ends.
Design highlights for the new industrial and flex facility include at least 185,000 square feet of light to heavy industrial or logistics space, potential for 40,000 square feet of mezzanine space, several loading docks, parking and gated entry. Lead partners include general contractor Grace Construction and architect Method Architecture.
The site sits within a major Southeast industrial corridor that runs along Amnicola Highway in Chattanooga. The new Riverport building is a part of the Centre South Riverport Industrial Park near the Southeastern Champion Tray $60 million expansion.
“Hamilton County continues to be a prime destination for dynamic employers to establish roots,” says Hamilton County Deputy Mayor of Economic and Community Development Cory Gearrin. “The Riverport development is in the heart of our community’s industrial corridor, and I commend Urban Story Ventures for investing in this property.”
Urban Story Ventures is open to leasing the space to one or multiple tenants and is focused on prospects looking to expand their business or relocate from another market.
With the Riverport expansion and recent acquisition of Arcade Beauty’s former Amnicola Highway property added to the existing portfolio, Urban Story Ventures continues to grow their footprint in Chattanooga, where they own or have developed several million square feet in the marketplace.
Urban Story Ventures is a Southeast commercial real estate development group based in Chattanooga, Tennessee. The company’s portfolio focuses on mixed-use, office, industrial and retail sites.
Projects include iconic and historical landmark buildings as well as large redevelopments like The Bend.
More at urbanstoryventures.com.