The Atlantic Companies, in a partnership with the City of Chattanooga, Tennessee, and American South Capital Partners, broke ground today on 702 Manufacturers Road, a 278-unit multifamily community poised to redefine urban living on the Tennessee River.
The project represents a pivotal moment for the Chattanooga market, serving as the first major development to utilize the city’s revamped Affordable Housing Payment in Lieu of Taxes (PILOT) program. This innovative public-private partnership ensures that 15% of the units — 42 in total — are reserved for Chattanooga’s “missing middle,” providing high-quality housing for essential workers including teachers, nurses, and first responders.
“If you work in Chattanooga, you should be able to afford to live here, and that’s what this project is all about,” said Mayor Tim Kelly. “Part of my commitment to creating more affordable housing was revamping the city’s Affordable Housing Payment in Lieu of Taxes Program. That brought Atlantic Companies to the table to build this new housing community. Now more Chattanoogans will have a place to call home.”…