Work is to begin this spring on the proposed Aloft Hotel in the 90-year-old Chattanooga Bank Building, the project's builder said Thursday.
"There's a lot of work to be done cleaning it up, and there are historical considerations," said David Smith, vice president for Russell Construction Co., about the 10-story downtown structure.
Smith said the hotel, which was originally proposed more than two years ago, will have 159 rooms, a restaurant and bar, and a couple of ground-floor retail spaces. He said that work would likely take up to 14 months to remake the building at 736 Broad St.
Robert Lubin, president of Virginia-based developer AMCA LP, said last year his group was financing the $31 million hotel with the help of a federal initiative set up about 25 years ago called the Immigrant Investor Program, or EB-5. The program allows foreigners to invest money and create jobs in the United States in exchange for green cards allowing them to become permanent residents.
Read more by clicking below image