The Atlantic Companies, in a partnership with the City of Chattanooga, Tennessee, and American South Capital Partners, broke ground today on 702 Manufacturers Road, a 278-unit multifamily community poised to redefine urban living on the Tennessee River.
The project represents a pivotal moment for the Chattanooga market, serving as the first major development to utilize the city’s revamped Affordable Housing Payment in Lieu of Taxes (PILOT) program. This innovative public-private partnership ensures that 15% of the units — 42 in total — are reserved for Chattanooga’s “missing middle,” providing high-quality housing for essential workers including teachers, nurses, and first responders.
“If you work in Chattanooga, you should be able to afford to live here, and that’s what this project is all about,” said Mayor Tim Kelly. “Part of my commitment to creating more affordable housing was revamping the city’s Affordable Housing Payment in Lieu of Taxes Program. That brought Atlantic Companies to the table to build this new housing community. Now more Chattanoogans will have a place to call home.”
702 Manufacturers Road signals The Atlantic Companies’ continued ability to execute complex, high-impact projects in an evolving economic landscape. By leveraging strategic municipal incentives and securing robust financing through Ameris Bank and American South Capital Partners, the firm continues to deliver institutional-grade assets that balance social responsibility with market-leading design.
“This community is a testament to our firm’s belief in Chattanooga’s growth trajectory and our commitment to delivering projects that move the needle for the communities they serve,” said Frank Reese, The Atlantic Companies. “By working hand-in-hand with Mayor Kelly and the city, we are proving that high-end, riverfront development and workforce inclusivity are not mutually exclusive. 702 Manufacturers Road is more than just a building; it is a blueprint for the future of the American Southeast.”
Situated on a 7.3-acre site in the vibrant Northshore neighborhood, 702 Manufacturers Road will be the only multifamily community in the area with direct access to the Tennessee River. The development is designed to achieve NGBS Silver certification, emphasizing sustainability alongside its resort-style amenities. The community will feature a signature sky lounge and terrace with panoramic views of downtown.
Residents will benefit from direct access to a newly constructed multi-use path, connecting the property to downtown employment hubs and the Northshore’s premier retail and recreation districts. The project offers a diverse mix of studio, one-, and two-bedroom floor plans featuring modern finishes.
Construction is officially underway, with final completion slated for the fourth quarter of 2027. The development team includes Brock Hudgins Architects, Kimley-Horn civil engineering services and McShane Construction Company. Patterson Real Estate Advisory Group sourced the financing.
