Saturday, June 24, 2017 12:46 AM

CHATTANOOGA CHOO CHOO GETS MILLIONS FOR LAND TO BUILD LUXURY APARTMENTS

Jon Kinsey, a principal with the Chattanooga Choo Choo Jon Kinsey, a principal with the Chattanooga Choo... Photo by Dan Henry /Times Free Press. The owners of the Chattanooga Choo Choo hotel - including former Mayor Jon Kinsey - were paid $5.25 million for the seven acres on which Bluebird Row, an upscale, four-story, 283-unit apartment building is to be built at the Choo Choo complex. Birmingham, Ala.-based Choo Choo Residences LLC, a subsidiary of LIV Development LLC, closed the sale Monday on the land for the $45 million apartment complex, which will have a full-size swimming pool, pet spa and 20-seat movie theater when it opens in the summer of 2018. "We got a great developer that's getting ready to do some exciting work down there," Kinsey said. "This will be the most upscale apartment complex in the area. We think the site demanded that, and they're going to deliver that." The sale price is equal to about $17 a square foot for the parcel, which is a good price for downtown land purchased for apartments but still a fraction of the sales price of land used for hotels, such as $38 per square foot paid by Holiday Inn ...

News source: Times Free Press

See also: ChooChoo