Real estate development and investment firm Novare Group and longtime partner BCDC have opened Populus Waterside, a 344-unit garden-style apartment community on more than 15 acres in Chattanooga, Tennessee.
Located on Gunbarrel Road, the upscale multi-family community will be adjacent to Village at Waterside, a mall anchored by Publix, and close to the Interstate 75 interchange. The project will provide residents with luxury living with direct access to major employers including Volkswagen, Amazon, Erlanger East Hospital and Metropolitan Chattanooga Airport, all within a 10 minute drive.
“Populus Waterside represents our abiding faith in Chattanooga, which is a vibrant and growing city driven by healthcare, automotive industries and advanced manufacturing,” said Jim Borders, Novara Group President and CEO. . “We’re excited to be underway with our BCDC partners and look forward to delivering a market-leading community next year.”
“The Novare Group has a proven track record of creating great suburban spaces where people want to live, and BCDC is thrilled to join them in developing Populus Waterside,” said Litt Glover, President and CEO of BCDC. “This is an excellent site in a thriving commercial area with high usage, offering residents the opportunity to live close to jobs and commerce.”
The state-of-the-art apartment community will offer gated buildings, a co-working lounge, private garages and a resort-style swimming pool with a sun shelf and tanning ledge. Outdoor grilling stations, a dog park, a fitness center with a yoga room, and outdoor entertaining areas are also among the high-end amenities.
Gunbarrel Road is Chattanooga’s dominant commercial corridor. Populus Waterside’s strategic location at the northern end of the area will allow residents unparalleled access to the highest concentration of high-end retailers in a location away from basic commercial congestion.
The Novare group is piloting the project with co-sponsor BCDC. Pinnacle Bank is the lead lender with preferred shares of Marble Capital. Dynamik Design is the architect, MAP Engineers is the civil engineer and Construction Enterprises, Inc. is the general contractor.
The partnership expects the delivery of the first units in the fourth quarter of 2023.
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