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Board approves $20 million inducement for One Westside Phase 2B to continue Choice Neighborhoods work
Summary
The board unanimously approved a $20 million preliminary inducement to support construction of 90 units (part of a 144‑unit Phase 2) at One Westside Phase 2B, a Choice Neighborhoods‑linked development in partnership with the Chattanooga Housing Authority.
The Health, Education and Housing Facilities Board approved a preliminary inducement resolution authorizing up to $20,000,000 in multifamily housing revenue bonds for One Westside Phase 2B, part of a multi‑phase Choice Neighborhoods redevelopment in Chattanooga.
Jim Grawley of Columbia Residential, the developer partner, told the board Phase 2 will be a 144‑unit new building; the financing request before the board covers roughly 90 units in a combined/twinned financing structure tied to previously approved Phase 1 bonds. The development includes a mix of units: the Phase 2 building’s bedroom mix is 86 one‑bedroom units and 58 two‑bedroom units. The project is sited on housing authority land near College Hill Courts and is designed to provide mixed‑income housing, with a portion reserved for families relocated from College Hill as the older buildings are phased toward demolition.
Phase 1 closed and construction will begin on that site soon; developers said Phase 2 is further along in design and predevelopment, with plans to apply to THDA’s first round opening in late February. The developer indicated it expects to close Phase 2 financing in December 2025 and complete construction in mid‑2027. Board members expressed support and approved the inducement by voice vote; the motion passed unanimously.
The resolution is preliminary and enables the developer to proceed with THDA and tax credit applications. Developers said the off‑site units will allow residents to relocate into new housing prior to demolition of obsolete College Hill units.
