Keith Schneider reported in today’s New York Times that, “From Boston to Seattle, cities across the country are vying to create technology hubs, spurring real estate developments to attract start-ups and young entrepreneurs.
“To the south, this smaller but thriving city is seeing returns on its effort to do the same. Chattanooga has leveraged its lightning-fast broadband connections to develop a tech scene in its recently designed innovation district, a 140-acre section of its compact central business district.
“At the district’s core, the Edney Innovation Center draws young entrepreneurs who pace across the polished concrete floors and talk business from couches and beanbag chairs that give the 90,000-square-foot office building the feel of a college study hall.”
Mr. Schneider noted that, “The Edney Center is a crucible for advancing their ideas. Purchased and renovated for $4.4 million by Talon Partners, a group of local developers, the 10-story building opened in October at Market and 11th Streets. It is seen by Chattanooga’s civic leaders as the gateway to the city’s commanding new business enterprise — using the six-year-old ultra-high-speed broadband network to attract and assist high-tech start-ups in becoming mature, homegrown companies.
“Tenants in the Edney Center include a nonprofit start-up incubator, a business developer for the technology sector and over a dozen entrepreneurial internet, information technology, design and app development companies that are owned and managed by young entrepreneurs.”
Today’s article added that, “Chattanooga’s development strategy, focused in the innovation district and its internet, which is as fast as 10 gigabits per second, is creating results. More than $700 million in new retail, office and residential space is under construction or about to start in the district, according to the River City Company, an economic development nonprofit organization.
“Several of the innovation district projects are directed at young entrepreneurs. The Lamp Post Group, a private investment firm that provides business development and venture capital to high-tech start-ups, also owns and manages Lamp Post Properties, a real estate development division that started in January. The division focuses on developing historic properties for entrepreneurs that the parent company incubates in its downtown office.”