1/4/2006

Trafalgar Development Corporation (TDC) today announced that it will build Mayfair on Market, a mixed-use development in the 700 block of Market Street in the heart of Chattanooga’s Central Business District (CBD).

Mayfair on Market will be an eight-story building combining fifty apartment homes, 11,000 square feet of class A office space and 5,000 square feet of ground floor retail space.  The development will also provide 110 parking spaces in a parking deck intended to serve the residents, tenants, clients and customers of Mayfair on Market. Construction of the $11+ million development will commence in the spring of this year.

 “Mayfair on Market will provide well-appointed apartments with a contemporary design that are within walking distance to numerous employment, entertainment and dining options downtown” said W. Lloyd “Trey” Stanley III, President of TDC.  “The office and retail tenants will have the added benefits of covered parking with direct office access and close proximity to retail shops, and Chattanooga’s major financial and judicial institutions.” 

 “Mayfair on Market is one of downtown’s largest mixed-use developments and should bring new life to the central business district and be a catalyst for additional revitalization in the heart of our city. It has been a pleasure working with Trey and his group and the RiverCity Company could not be more pleased with their plans for this very important downtown block” said Paul Brock, president of RiverCity Company.” This project should boost the CBD in much the same way that new investment fostered the rebirth of the Southside and the Riverfront areas.  Additionally, Mayfair on Market could become the model for future mixed-use development in Chattanooga. TDC has worked extensively with Andrew Smith, project architect, and RiverCity Company to develop a design which reflects the traditional urban fabric of Market Street while fulfilling the diverse needs of residents, tenants, and customers. 

“The design solution we have developed for the Mayfair on Market maintains historical rhythms on this site that Chattanoogans will find familiar,” Smith said.   “This design will provide spaces, and conditions, that encourage the reanimation, and re-inhabitation, of this portion of the Central Business District.”

TDC acquired eight buildings in the 700 block of Market Street late last year.  In response to TDC’s proposal to build a mixed-use development geared toward enhancement of the CBD, the city awarded TDC $10 million in Commercial Revitalization Depreciation.  This award, coupled with incentives available under the Federal Renewal Community Act, will assist in attracting new tenants.

TDC is pleased to announce that Capital Bank provided the initial acquisition and predevelopment financing.  Capital Bank is a local bank with an expanding presence in metro Chattanooga.