The River City Company recently engaged RCLCO to conduct a comprehensive market analysis to assess the market opportunities for residential, office, retail and hotel development in greater Downtown, looking ahead to what promises to be an energetic period of growth for the city.
A lively, attractive downtown has been the main driver of Chattanooga’s robust economic growth. Job growth since 2010 has largely outpaced the national average, particularly through the pandemic-induced transition of work from home.
There remains a strong opportunity to bring residents to historically commercial districts of Downtown and create a truly mixed-use neighborhood with places where residents and visitors can live, work, and play.
Among the results of the new study shows a strong demand and potential for a near doubling of residents to the downtown and surrounding areas.
Among the growth areas highlighted in the report are:
- Development opportunities are strong in rental housing across all sectors and price points, most notably affordable housing.
- Opportunities exist for adaptive reuse and office-to-residential conversions, particularly in the City Center and Riverfront Districts.
- Opportunities exist for small-scale office-to-residential conversion and new, ground up development of smaller condo buildings.
- There is an opportunity to convert existing office buildings to creative offices with smaller floor plans and residential conversion.
On the retail side, the downtown area is seen a welcoming towards grocery outlets, drug stores, and restaurants, with an attention of residential focused retail.
To review the full market analysis, visit rivercitycompany.com/reports-and-studies