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Real Estate News and Advice |
December 1, 2008 |
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Chattanooga's Return
by Courtney Ronan
A 1998 U.S. News & World Report cover story told the tales of six U.S. cities that had fought their way back from economic recessions, poor air quality, high crime and other factors that had caused former residents to flee downtown for the suburbs. Chattanooga, Tennessee, was one such city. Its distinction in last year's report is indeed well-deserved. Chattanooga once held the unwelcome title of having the dirtiest air in the United States, a label provided by the federal government in 1969. And to be fair, Chattanooga's air quality problem wasn't just due to careless residents and businesses. The city's scenic beauty was a double-edged sword; the mountains that surround Chattanooga also manage to trap polluted air from factories and cars. Nevertheless, it was a wake-up call for the city of Chattanooga. City leaders and residents rallied behind strict and ultimately successful air quality initiatives which later served as a model for the federal Clean Air Act of 1972. While the city's air was cleaner, hard work remained ahead of Chattanooga in order to clean up its local economy. The city was still hurting economically as the 1980s began, due in large part to the residents and businesses that had previously fled the downtown sector. City planners began a series of initiatives designed to revive downtown Chattanooga and bring the population back to its abandoned buildings, which were now crime-ridden and suffering from neglect. Today, as we prepare to enter 2000, Chattanooga is a resounding success story. Those decaying buildings in the downtown sector have been transformed into thriving businesses -- an eclectic mix of retail shops, restaurants, clubs and more. Pedestrians feel safe walking the city's streets -- particularly along the Walnut Street Bridge, a walkway designed specifically for pedestrians (no vehicles are allowed). City planners also led the construction of a free method of public transportation called the Electricbuse. Major corporations have taken note of Chattanooga's metamorphosis, as have residents. The city's cleaner air, safer streets and architectural anomalies are at last reversing the tide of the exodus. The city's population currently stands at just under 150,000 residents, with an average annual income of $48,824 (based on 1997 statistics provided by the Chattanooga Chamber of Commerce). The city's cost of living, when compared to the national average, is comparatively low, according to American Chamber of Commerce Researchers Association (ACCRA) Cost of Living statistics; Chattanooga ranks as the nation's 68th lowest out of 318 cities surveyed nationally in 1997. In other words, only 67 cities analyzed in the survey had lower costs of living than Chattanooga. ACCRA takes into consideration a variety of costs when determining each city's ranking: housing, utilities, health care, groceries, transportation and more. Thanks to its urban revival, Chattanooga now enjoys a thriving tourism industry that draws some 10 million visitors here every year. In addition to the breathtaking mountain beauty of the region, tourists also come here to view such sights as the The Tennessee Aquarium, the world's largest freshwater aquarium; the annual Riverbend Festival, a nine-day celebration ranked among the nation's top 10 festivals; and the Tennessee Riverpark, a beautifully landscaped, 22-acre network of trails winding along the banks of the Tennessee River. Aside from tourism, Chattanooga's other thriving industries include services, retail trade, construction, and finance, insurance and real estate. The residential real estate market is healthy in Chattanooga because prices are extremely reasonable. According to the Chattanooga Association of Realtors, the median price of both new and existing homes in 1997 ranged between $80,000 to $89,999. The average two-bedroom apartment in Chattanooga rents for $500 and up, depending upon the amenities included. Housing stock is diverse, ranging from units in the older, restored buildings of downtown to newer luxury high-rises to sprawling single-family homes with views of the mountain landscape. Average commute time in Chattanooga is between 18 and 19 minutes, comparatively lower than the national average. That luxury comes courtesy of a well-planned, efficient network of highways and five bridges that connect downtown to the surrounding areas. So even if residents opt not to live in the downtown sector, the vast majority of surrounding areas are easily accessible to the city.
As U.S. News & World Report attests, other U.S. cities facing uphill climbs in their plans for urban revival are looking to Chattanooga for inspiration. As this Tennessee city so vividly demonstrates, it is indeed possible to reverse the age-old decay of a central business district and bring businesses and residents back downtown. What it takes is the dedication and perseverance of all residents. The resounding pride of Chattanooga's residents was strong enough to turn a smog-ridden, abandoned city into an economically thriving one.
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Published: August 23, 1999 Use of this article without permission is a violation of federal copyright laws.
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