A fortress-like towering structure that has long been vacant next to Finley Stadium is on the market.
Marcus & Millichap commercial real estate investment services firm said it has recently listed the historic Parkway Towers.
“This historic building will gather a lot of attention from developers, not only because of its location, but additionally for its high visibility on the city skyline.” Peter Malone, senior associate, said.
He said Parkway Towers "is a five-story office building built in 1920 that is situated directly across the street from the University of Tennessee at Chattanooga football stadium.
The 19,617-square-foot building served originally as a Tennessee Electric Power Company’s substation, storing electricity generated at the Hale's Bar Dam in Marion County."
Rob Lyons, another associate on the listing, said, “This property’s location in the Southside Historical District provides an outstanding redevelopment opportunity for hotels, condos, office, mixed uses and more."
It was announced in 2014 that the derelict building would be auctioned, but nothing came of that.
Asher Mendonsa, of St. Elmo, was on the top of the building taking pictures when he fell 40 feet. The fall left him paralyzed and he later died. There was a lawsuit in connection with the incident.