After a delay to change the funding method on the project, crews will soon break ground on a $50 million luxury rental housing development targeted toward baby boomers.
"We are utilizing tax-exempt bonds to finance the project," real estate veteran John Lowery of Lowery Companies LLC said about the project, called WholeLife Chattanooga.
The Public Finance Authority is issuing the bonds, and a local board will have to approve that. Leaders will ask for approval from next week.
Chattanooga’s development is planned for 39 acres on Mountain Creek Road, next to Red Bank Elementary School.
The community will have 104 apartments, each with a two-car private garage and access to a 10,000-square-foot clubhouse, a game room, a saltwater swimming pool, an indoor walking track, a large exercise facility designed by The Cooper Institute, a 24-7 concierge, and on-site medical care and a wellness coach.
The tax-exempt bonds mean that the interest on the bonds is not subject to income tax, Lowery said.
Some tax exemptions are made for low to moderate housing, but—in this situation—it is because it's for senior housing, he also said.
"These are luxury apartments," he said. "This has a designation for senior housing/active adult housing."
The average rent is going to be $3,500 a month, he said.
WholeLife leaders are using local subcontractors, so the project will create jobs, he also said.
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