A new residential project continuing in the revitalization of the Main Street district is offering incentives to those seeking a home near downtown Chattanooga. Avenue 3—developed by LIN Homes, a division of LMF Holdings, LLC—is offering financial incentives for pre-sales.
The first 14 owner-occupied purchases can receive a $10,000 incentive and other seller-provided incentives until April 26, officials said. Federal HOME Funds in the amount of $25,000 are available toward the purchase of a home at Avenue 3 to the first four pre-sales that qualify according to family size and income.
Additional financial incentives for qualified buyers include a Jefferson Heights incentive and an artists incentive, dependent upon availability.
There are eight townhouses and 16 courtyard flats available, ranging from one to three bedrooms.
Some of the units have penthouse and roof terraces at the third floor level.
Prices range from $97,020 to $286,902.
Avenue 3 is being designed and built for Leadership in Energy and Environmental Design (LEED) Certification, a green building rating system that emphasizes sustainable site development, water savings, energy efficiency, materials/resource selections and indoor environmental quality. Environmental benefits include the conservation of natural resources and the improvement air and water quality. LEED Certified homes also have economic benefits as operating costs are reduced, it was stated.
Avenue 3’s first homes are projected for December completion.
For more information about this housing project, to purchase a unit or to learn more about the incentives, please contact Julie Chamberlain, Crye-Leike Realtors at (423) 756-0771 or (423) 240-6811 or via e-mail at julie.chamberlain@crye-leike.com, or Heather Maharrey, Crye-Leike Realtors at (423) 505-5589 or via e-mail at heather.maharrey@crye-leike.com.
CHATTANOOGA, Tenn. – Continuing in the revitalization of Main Street, it was announced today that a new residential project will be built in the area. Developed by LIN Homes, a division of LMF Holdings, LLC, it is expected to be the first housing project in Chattanooga to obtain the Leadership in Energy and Environmental Design (LEED) Certification. Construction commencement is anticipated for February 2008 and will be in the area of Main Street and Rossville Avenue in Chattanooga’s Southside.
“We saw a substantial, growing need for moderately priced housing near the downtown Chattanooga area,” said Leigh Ferguson, president of LMF Holdings, LLC. “This new project will allow people to live close to jobs, entertainment and new public schools without having to take on a big mortgage payment. For little more than the security deposit and monthly rent on an apartment near Hamilton Place Mall, one could own a home here. Many financial incentives are available for homebuyers and, coupled with the affordable prices and good mortgage rates, will make it possible for anyone to live close to downtown Chattanooga.”
Incentives for qualified buyers include: a Jefferson Heights incentive; an artists incentive, dependent upon availability; and the Home Fund incentive for first-time homebuyers.
“LEED Certification guidelines are among the highest in energy efficiency standards,” explains Jeff Cannon, director of the
green|spaces initiative. “We’re excited about this project because it will benefit Chattanooga in a number of ways—this is smart growth. LEED Certified buildings have environmental benefits, conserving our natural resources and improving air and water quality, but also economic benefits as operating costs are reduced. As an added benefit, it’s important to mention that people living in LEED Certified homes are healthier, happier people.”
Twenty-four units will be erected in this mixed income residential project—eight townhouses and sixteen courtyard flats, ranging from one to three bedrooms. Some of the units will have penthouse and roof terraces at the third floor level. Prices are expected to range from just under $100,000 to $290,000 with sizes from 630 sq. ft. to 2,000 sq. ft.
Bruce Simonson of SGN+A along with
Artech Design Group has been hired for the project’s architecture and GenTech Construction will be the general contractor.
“The architecture we’ve designed will reflect both the area’s history and growth,” says Bruce Simonson. “We’ve been working with Anj McClain, resource center director at the local chapter of the United States Green Building Council, and Mr. Cannon to further the green effort while also tying in to the artistic community.”
For more information about this housing project, to purchase a unit or to learn more about the incentives, please contact Julie Chamberlain, Crye-Leike Realtors at (423) 756-0771 or via e-mail at
julie.chamberlain@crye-leike.com.
