CHATTANOOGA — Standard Brainerd Venture LP received approval for up to $31 million in revenue bonds from Chattanooga's Health, Education and Housing Facilities Board on June 15. The bonds will finance a mixed-income townhome development on the former East Brainerd Elementary School site.

Plans detail 131 townhomes in buildings of six units each. The three-story units will feature three bedrooms and two and a half bathrooms. Townhomes will rent to qualifying households at an average of 60 percent of the area median income, with rental costs ranging from approximately $900 to $1,500 per month.

The Chattanooga Housing Authority will be a financing partner and retain an ownership interest in the development. The site at 7453 East Brainerd Road previously housed East Brainerd Elementary School, which developer Clint Wolford demolished in 2020 after purchasing the property for more than $4 million. Wolford had previously proposed constructing a restaurant, grocery store, and retail space on the site.

Plans include a community building with a fitness center and a business center. A small playground will be on site. Vehicle access will be from adjacent Joiner Road.

Hicks Armor, board chairman, inquired about the architectural design of the planned townhomes. Representatives said the design aims to achieve visual consistency and reduce construction expenses. Joe Kelly, the authority's chief counsel, noted that regional development of low to moderate-income housing began about ten years ago. Kelly said qualifying household incomes for such developments usually range from 30 percent to 80 percent of the area's median income, and authorities are taking steps to prevent concentrated poverty due to historical negative outcomes for residents.

No independent assessment of Standard Brainerd Venture LP’s claims was available.