Real estate development and investment company Novare Group and its long-time joint venture partner BCDC have broken ground on Populus Waterside, a 344-unit garden-style condominium development spread over 15 acres in Chattanooga, Tennessee.
Located on Gunbarrel Road, the high-end multi-family community will be adjacent to the Village at Waterside, a Publix-anchored shopping center and in close proximity to the Interstate 75 interchange. The project offers residents luxury living with direct access to major employers including Volkswagen, Amazon, Erlangen East Hospital and Chattanooga Metropolitan Airport, all within a 10 minute drive.
“Populus Waterside represents our ongoing belief in Chattanooga, a dynamic, growing city fueled by healthcare, automotive and advanced manufacturing,” said Jim Borders, President and CEO of Novare Group. “We’re excited to be traveling with our partners BCDC and look forward to delivering a market-leading community next year.”
“The Novare Group has a proven track record of creating great suburban spaces that people want to live in, and BCDC is excited to join them in the development of Populus Waterside,” said Litt Glover, BCDC President and CEO. “This is a great location in a thriving commercial area and a great use giving residents the opportunity to live close to work and commerce.”
The state-of-the-art condominium complex will feature buildings with controlled access, a co-working lounge, private garages and a resort-style pool with sunbed and tanning bar. Outdoor grilling stations, a dog park, a fitness center with a yoga room, and outdoor entertainment areas are also among the top-notch amenities.
Gunbarrel Road is Chattanooga’s dominant retail corridor. Populus Waterside’s strategic location at the north end of the area will give residents unrivaled access to the highest concentration of premium retailers in a location removed from core retail congestion.
The Novare Group is leading the project together with co-sponsor BCDC. Pinnacle Bank is the preferred preferred stock lender to Marble Capital. Dynamic Design is the architect, MAP Engineers is the civil engineer and Construction Enterprises, Inc. is the general contractor.
The partnership expects delivery of the first units in the fourth quarter of 2023.
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