Resources
Chambliss Real Estate Section Closes Deal for New Chattanooga Lookouts Stadium
Chambliss’ real estate team represented Perimeter Properties and Pipe Properties in the donation and sale of land from the former U.S. Pipe/Wheland Foundry site in Chattanooga’s South Broad District for the Southside Stadium project. The transaction included donating approximately eight acres for the new Chattanooga Lookouts Stadium, a private sale of exactly four acres, and negotiating the donation of additional acreage for new street development. The pivotal deal resulted in securing the construction of the new stadium in the South Broad district and unlocked numerous opportunities for additional development within the district.
The complex project involved navigating railroad-related title issues, concerns and wishes of community members and groups, governmental requirements, and private demands. Finalizing the agreements required coordinating with numerous stakeholders, including city and county governments, bondholders and bond underwriter, the Chattanooga Lookouts, a private real estate developer, Norfolk Southern and CSX, multiple title companies, and multiple banks. The Chambliss team successfully coordinated and negotiated over 40 agreements, setting the groundwork for the stadium and its surrounding projects. After at least 18 months of continuous work on this project, all agreements were finalized and executed by October 31, 2024.
The agreements included a development agreement that outlined the site’s intended development over the coming years, a community benefit agreement, the first ever in the city of Chattanooga, that set forth goals for the development of the area and operation of the stadium, agreements that ensured parking facilities to support the stadium, and leasing arrangements for the team’s store and box office. Additional agreements covered the installation of utilities to support development, the construction of new roads, and preparations for future vertical construction by the Sports Authority on the stadium site.
With the contracts now in place, initial construction by private developers will focus on mixed-use buildings around the stadium outfield. The stadium will anchor a potential $1 billion redevelopment of the site, completely transforming the South Broad District. Chambliss will continue to support Perimeter Properties and Pipe Properties with legal needs as the project advances.
This pivotal project was led by Kirby Yost, with many other team members who were essential to the success, including Hannah-Claire Boggess, Mike St. Charles, Brian Eftink, Melani LaMar, Jeffrey Maddux, Martha Millener, Nick Nester, and Justin Powers.
Chambliss’ real estate team excels at navigating complex transactions and providing proactive and collaborative legal services to meet client objectives. Contact our team to learn more about how we can assist with your project.