A big new residential project in Chattanooga's Foundries District breaks ground in two weeks. New City Properties plans to start work Friday, Nov. 13, at 10:30 a.m. on a six-story, $100 million building with about 287 apartments and a 550-space parking garage, right next to Erlanger Park, the Chattanooga Lookouts' new ballpark (via Local 3 News).
The site sits just north of the stadium's left-field wall, along the Tennessee Riverwalk. Developers say residents will look out on the ballpark, Lookout Mountain and the river. The garage is meant to do triple duty: parking for residents, for commercial space planned for later, and for extra cars on game days. Completion is targeted for fall 2028.
New City Properties is the master developer for the whole Foundries District. Chattanoogan.com and NewsChannel 9 both report that EBSCO Real Estate and Sweetwater Holdings are investment partners on this building. Andy Stone, a partner at Perimeter Properties, framed the project as proof the district is working. "This is a major vote of confidence for the Foundries District," Stone said. "The goal has always been to create a vibrant neighborhood that is active not just on game days, but year-round." WUTC reported in 2024 that Perimeter Properties owned the roughly 120-acre former foundry property.
Some background for anyone who hasn't followed the South Broad story. Erlanger Park opened this spring on part of the old U.S. Pipe and Wheland Foundry site between Broad Street and I-24. The stadium is owned by the Chattanooga Sports Authority, and the South Broad District tax increment financing (TIF) district was set up mainly to pay off the authority's debt for building it. A Hamilton County audit report from October 2025 says that TIF runs from 2025 to 2055, and that it projects at least $350 million in investment around the park.
That's why this building matters beyond its own 287 units. The whole bet behind the ballpark was that private development would follow it, and the new tax value would pay the stadium off. Project leaders called this building the first of many private investments they expect in the district. It isn't the very first private project in the TIF district, though: WDEF reported in June 2025 that the 43-unit, $22 million Broadview Condominiums by Aslan and FTC Properties held that title. But at 287 units, this one is a much bigger bet.
What's not public yet: none of the reports name an architect or general contractor, a unit mix, rent levels, or how the project is financed. The announcement also doesn't say what the future commercial space will be or how big it is.
Why it matters for Contractors
No general contractor has been named publicly, and for most small shops the opportunity here is downstream anyway. A six-story, 287-unit building with a 550-space structured garage is a long list of trade packages, and with a fall 2028 finish, much of the interior work (framing, drywall, flooring, cabinets, finish carpentry, low-voltage) likely won't be bid for a while. Once the general contractor is named, get on its bidder list early, and check its prequalification and insurance requirements now so you aren't scrambling when packages go out.
The bigger picture is the TIF district. If the projections hold, this is the start of a steady pipeline of work on the South Broad side of town, not a one-off. Keep an eye on the city and county agendas for the district, since those are where the next projects will show up first.