The Clemons

  • Location: 730 Chestnut Street, Chattanooga, TN 37402

  • Project Type: Adaptive Reuse - Historic

  • Units: 55 Apartments

 

  • Project Cost: $8.3MM

  • Exit Proceeds: $10MM

  • Net IRR: 18%

  • Financing: Debt financing was provided locally by BanCorpSouth.

  • Other Details: The Clemons building was originally constructed in 1920 and began use as a factory and showroom for the Clemons Brothers Furniture Company.                                                                                                                               Prior to conversion to luxury lofts, the building was previously utilized as office space by Blue Cross/Blue Shield of Tennessee.                                                                                                           ViaNova Development demolished the interior of the entire building and built out 55 Class-A lofts that featured ceilings in excess of 12 feet. The street-level featured 3 retail spaces and included amenities such as a rooftop deck, indoor bicycle store and dog walk, a business center, and a 24-hour self-service pantry available to residents via biometric access.                                                                                                                

 

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