(Read more on the multifamily market.)

CHATTANOOGA, TN-Construction is expected to begin in two weeks on the $16-million, 58-unit Mayfair on Market condominium project on the 700 block of Market Street in the city’s Central Business District.

The nine-story project is being developed by locally based Trafalgar Development Corp. The Chattanooga Housing Authority is providing nearly $3.4 million in equity financing through Fannie Mae under the Community Express program. The project will include 11,000 sf of ground-floor commercial space and a 182-space parking deck.

“The project is in the heart of the city’s Central Business District just seven blocks from redeveloped areas along the waterfront,” Trafalgar Development Corp. president Trey Stanley tells GlobeSt.com.

Prices for the one- and two-bedroom units, 18 of which will be slated as work force housing, will be $150,000 to $330,000. Developers are currently compiling a list of interested buyers who will be offered the first opportunity to purchase units. Stanley says marketing efforts for the commercial space have started, but no leases have yet been signed. He anticipates the space to attract a variety of office and retail users.

The project site, one of the last remaining parcels in the Downtown area that has not been redeveloped, contains eight buildings that will be razed to make room for the development. Downtown has been undergoing redevelopment efforts over the past 20 years aimed at replacing industrial uses with office, residential or other types of space.

“Mayfair on Market provides a good opportunity for people who work in the Downtown area, but can’t afford other condominiums, to buy housing,” Stanley says.

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