On Tuesday, September 6th we broke ground on the Mai Bell, a 49-unit, three-story apartment building on Bailey Avenue in Highland Park, with a corner commercial space on the ground floor. This development will bring $4.7 million of investment into the neighborhood while creating much needed affordable and workforce housing. Rents on 11 of the 49 units will start as low as $481 per month for a one bedroom, $652 for a two bedroom and $868 for a three bedroom.
“We are excited to bring this project to Highland Park,” said Martina Guilfoil, president and CEO of CNE. “The Mai Bell will create long term rental housing at affordable prices while increasing the overall rental options in the neighborhood. We see Highland Park as being a neighborhood where a lot of people will want to live given the opportunity.”
The project is being funded through a $443,500 grant from the City of Chattanooga’s HOME funds, a $200,000 grant from First Tennessee Bank, $100,000 grant from NeighborWorks America and CNE equity. Initial funding for the project was provided by the Benwood and Lyndhurst Foundations. Financing is being provided by First Tennessee Bank. The architect behind the design is Elemi Architects, and the builder is Embark Construction.
Mai Bell Hurley was a founding board member of CNE and longtime advocate for the arts, housing, and education in Chattanooga. CNE is naming the building after the late Ms. Hurley to honor her legacy as a strong proponent of affordable housing in Chattanooga.
The project is projected to be completed by Spring 2017.