Business and community leaders join local officials and nation’s largest developer to break ground on 240 units affordable housing community
The Reserve at Mountain Pass to provide needed for families earning up to 80 percent of area median income
(Chattanooga, TN—) A host of local, regional and community leaders joined with representatives from LDG Development to break ground on The Reserve at Mountain Pass—a 240- unit multi-family development that will provide high quality housing near Alton Park neighborhood. Located at 4905 Central Avenue, the 340,000 square foot development pass will offer 1-, 2- and 3-bedroom units that provide scenic views and are close to a variety of amenities and services.
“At LDG we believe stable quality housing is a basic right and a critical part of the infrastructure needed to support a community’s long- and short-term goals,” said Chris Dischinger, co-founder, and co-principal of LDG Development. “Our decision to invest locate a development in the Alton Park reflects our belief that this community is well-positioned for growth and the type of revitalization that will help to transform the neighborhood and attract additional investments in the community.
The Reserve at Mountain Pass will offer several features including spacious floor plans with upgraded flooring and surface counter surfaces; onsite property management; fitness and business centers; a large swimming pool and playground and other amenities not commonly found in multi-family affordable housing communities.
“LDG prides itself on making sure that we provide a high-quality housing that people are proud to call home,” said Dischinger.
The Reserve at Mountain Pass is LDG’s first community in Chattanooga and is being developed in partnership with the Chattanooga Housing Authority (CHA), the City of Chattanooga, Hamilton County and the Health, Education and Housing Facility Board of the City of Chattanooga (HEHFB). CHA provided 60 project-based vouchers for the development while the HEHFB, the city, and the county sponsored a payment in lieu of taxes, or PILOT, for the development. Mayor Tim Kelly says that this and other economic activity taking place throughout the area demonstrates the importance of communities having access to innovative financing tools that can be leveraged to attract investments into an underserved area.
“Chattanooga faces a very real danger of becoming unaffordable for far too many residents, and this is flatly unacceptable,” said Mayor Kely. “The addition of 240 new homes that our residents can afford, even those with low income, couldn’t coe at a better time. My thanks to the team for their hard work on what I anticipate will be the first of many new initiatives to buld the homes Chattanooga needs.”
Construction on The Reserve at Mountain Pass is expected to last approximately 24 months. The first wave of residents are expected to be move in by March 2023. Councilmember Raquetta Dotley, who represents District 7 which includes the Alton Park neighborhood says that given the growth taking place in anticipates significant interest in this community.
“The Reserve at Mountain Pass is the largest investment in housing in the South Chattanooga community in over ten years,” said Dotley. “ This new development will not only provide affordable housing but bring the necessary density to spur economic growth in the future.”
The addition of The Reserve at Mountain Pass is LDG’s 5th development in Tennessee. The company has developed more than 21,000 units across the country including 842 units in the Nashville area.