Populus Waterside

​​Novare Group, BCDC Start Class-A Garden Apartment Community in Chattanooga, Tenn.

Real estate development and investment company Novare Group and its longtime joint-venture partner BCDC have broken ground on Populus Waterside, a 344-unit garden-style apartment community on more than 15 acres in Chattanooga, Tenn.

Located on Gunbarrel Road, the high-end multifamily community will be adjacent to Village at Waterside, a Publix-anchored shopping center, and in close proximity to the Interstate 75 interchange. The project will offer residents luxury living with direct access to major employers, including Volkswagen, Amazon, Erlanger East Hospital and the Chattanooga Metropolitan Airport, all within a 10-minute drive.

“Populus Waterside represents our ongoing belief in Chattanooga, which is a dynamic, growing city driven by the health care, automotive industries and advanced manufacturing,” said Jim Borders, President and CEO Novare Group. “We are pleased to be underway with our partners BCDC and look forward to delivering a market-leading community next year.”

“Novare Group has a proven track record of creating great suburban spaces where people want to live, and BCDC is thrilled to join them in developing Populus Waterside,” said Litt Glover, President and CEO, BCDC. “This is a great site in a thriving commercial area and a great use, giving residents an opportunity to live in close to jobs and commerce.”

The state-of-the-art apartment community will offer controlled-access buildings, a co-working lounge, private garages and a resort-style pool with a sun shelf and tanning ledge. Outdoor grilling stations, a dog park, a fitness center with a yoga room and outdoor entertainment areas are also among the top-of-market amenities.

Gunbarrel Road is Chattanooga’s dominant retail corridor. Populus Waterside’s strategic location at the north end of the area will allow residents unrivaled access to the highest concentration of premium retailers in a location removed from the core retail congestion.

Novare Group is leading the project with co-sponsor BCDC. Pinnacle Bank is the senior lender with preferred equity from Marble Capital. Dynamik Design is the architect, MAP Engineers is the civil engineer and Construction Enterprises, Inc. is the general contractor.

The partnership expects delivery of first units in the fourth quarter of 2023.

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