New Markets Tax Credit Coalition

The Tomorrow Building

The Tomorrow Building is a four-story, 40,000 sq. ft. building in downtown Chattanooga, Tennessee that was originally built as a hotel in 1888.

Investment

  • NMTC Amount: $6,110,000
  • Total Project Cost: $9,806,250

IMPACT

  • 8 FTE jobs
  • 50 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 40,000 sq. ft. of real estate

Investor

Project Description

The Tomorrow Building is a four-story, 40,000 sq. ft. building in downtown Chattanooga, Tennessee that was originally built as a hotel in 1888. After a $9.5 million transformation, it houses 39 furnished micro-unit apartments, shared social and work spaces, and four locally owned retailers. The building’s developer is part of an incubator for early-stage companies, which has found that the co-living concept has helped with retaining employees.

MAP

Address: 818 Georgia Avenue, Chattanooga, TN 37402

Census Tract: 47065003100

Other Tennessee Projects

Development of a 74-room Hampton Inn hotel and a 20,000 sq. ft. retail center in the town of McMinnville, TN.
Financing to Natureplex to support the purchase and equipping of a new facility
Financing for Stony Creek to expand, own and operate a manufacturing facility in Springfield, TN to produce unique plant-based natural dyes.
In December 2021, AMCREF Community Capital provided $9 million of NMTC financing to Southern Champion Tray, a 94-year-old sustainable paperboard packaging converter specializing primarily in food packaging for the grocery,