The Tennessee Department of Transportation has announced construction will begin soon on the Interstate 24 interchange at South Broad and Market Streets, improving access to the Historic Foundry District and South Broad Corridor.
Perimeter Properties owns the 141-acre parcel along Interstate 24 at Moccasin Bend that for years held the U.S. Pipe and Wheland foundries. Conversations about this interstate project date back to 2009.
“We could not be more excited that work will soon begin on the I-24 interchange at South Broad and Market Streets,” said Gary Chazen, partner at Perimeter Properties. “As our conversations with developers progress and as we continue our efforts to revitalize Chattanooga’s Historic Foundry District and make this gateway to our city truly remarkable, this is a very important milestone. We are appreciative of TDOT’s commitment to this project and look forward to working with Commissioner Bright and his staff as construction commences.”
“From the beginning of our investment in the South Broad Corridor almost 20 years ago, our partners have taken a patient approach,” said Mike Mallen, partner at Perimeter Properties. “We want what is best for our community and have been willing to wait in order to get it right. We have focused significant attention on ensuring proper infrastructure, as well as community amenities like the Riverwalk, which is now in place for generations to come.
"Improving access to the Historic Foundry District and South Broad Corridor will provide required certainty for development prospects and will move us closer to making our unwavering, long-standing vision for the former U.S. Pipe and Wheland site a reality. And obviously this advancement in infrastructure will benefit more than just our site. It will be a win-win for Chattanooga as it relieves some congestion in the center of downtown and provides a more direct point of access for people seeking to come to the District.”
Hamilton County Mayor Jim Coppinger added, “This new interchange will help lead to the revitalization of this part of Hamilton County. We are extremely grateful to Commissioner Clay Bright for his leadership in making this new interchange happen. We also applaud Gary Chazen and Mike Mallen for their vision and leadership to convert the U.S. Pipe and Wheland property into a development that will enhance Hamilton County in this new century.”
“Providing safe and effective connectivity is important for community access and enhancing economic development,” said Chattanooga Mayor Andy Berke. “The new interchange along I-24 will serve as a catalyst for the growth of this important site that will continue to enhance and expand the neighborhood’s footprint.”
Like this story? Click here to Subscribe to more like this delivered weekly to your inbox!