As the revitalization of Chattanooga continues, investors and developers are continuing to identify and resurrect forgotten corners and pockets of the city.
DeDe and Towson Engsberg are among the entrepreneurs who say there are still many potentially profitable and life-enriching properties lying dormant within the Scenic City.
Through their company, SEI Ventures, they have completed a number of local projects, including four in the Southside community, one in St. Elmo and another in East Chattanooga.
Their newest enterprise is Burnside, a $25 million mixed-use community the Engsbergs named after Oliver Burnside Andrews, who in 1912 built the factory buildings that now house the development.
The project will include 33 apartments featuring exposed brick walls, natural lighting, modern kitchens, common areas and access to a rooftop deck. Burnside also offers 60,000 square feet of commercial space, some of which will accommodate a Number Ten Steakhouse, and the rest of which is available to fill needs for retail and office space.
Here, Engsberg reveals how she discovered the property and discusses her hope that it contributes to the ongoing renewal of Chattanooga’s Southside.
How did you identify Burnside as a site for a mixed-use community?
“I bought on Main Street in 2004, when very few people were there and the mission was still on the corner. One I moved here, I would run past the buildings that are now Burnside and loved the old brick architecture and the potential they hold.
“In 2016, [Keller Williams Realtor] Jay Robinson, an old friend of mine, told me these buildings were coming on the market, so my husband and I came over and made an offer that day.”
Did you immediately know what you wanted to do with it?
“No, it took us four years to figure out what to do with it. We just took our time talking with people who had done adaptive reuses elsewhere, primarily Atlanta – which is where we found our partners, [Nathan and Doug Kirkman of DNK Development]. They had done a similar project in Dalton called Crown Mill Lofts.
“We knew we were literally figuratively on the wrong side of the tracks, but we saw how busy and populated Main Street was becoming and assumed if we built there, the Southside would eventually incorporate us.
“We feel like our bet on that was right.”
What readily identifiable landmarks surround Burnside?
“Sculpture Fields at Montague Park is one block away. We’re close to the interstate, as well. And when you enter the warehouse and look through the windows, you can see the rooftops of Jefferson Heights.”
Can you walk directly there?
“The rail line prevents immediate access. You have to go down Main Street and then down Central. In my dreams, we get a pedestrian underpass under those tracks.”
I understand residents can’t hear trains passing by.
“We love trains and always want to highlight them. But that particular line has no intersection, so the train never blares its horn. If you’re outside, you can hear the rumble, but you never get a loud blast.
“Also, the Tennessee Valley Railroad Museum line bifurcates the property, so on the weekends, the steam engine dinner train comes through. We believe people will enjoy watching it.”
Is anything else happening in the Southside that’s making you optimistic about Burnside?
“We also own a corner lot on Central and Rossville. There’s a restaurant there that does amazing business, so someday, when we’re not as exhausted as we are now, we’ll develop that corner and keep the restaurant as an anchor tenant.
“We’ve also heard another exciting development might be happening on that corner, but it’s not ours, so I can’t say anything about it.
“Then there are all the townhomes going up Central Avenue and coming toward us. Residential is seeping into this traditionally commercial corridor, and I like urban places where people are moving and working. The infill projects that are turning giant parking lots into housing are also good for the city and urban fabric of the Southside.”
The apartments really preserve the industrial aesthetic of the building. Talk about that.
“We didn’t want to turn it into something it’s not; we wanted to honor the building and its history. Keeping a little of the industrial look allows it to retain its authenticity.
The apartments are available now, correct?
“We had people move in on June 1. We’re 40% leased and hope to be 60% leased by the end of the month.”
How much do the apartments cost to lease?
“Because the building is so quirky and not square, each unit has unique features like a clerestory or a skylight or extra windows, so rental prices vary. The apartments go for $1,150 to $1,700, but most cost around $1,200.”
For leasing details and private tours of Burnside, call Second Story Real Estate Management at 423 682-8241.