When he moved to Chattanooga from Florida, Sean Compton, President and Owner of Southern Spear Properties, sensed amazing potential for growth. “I love this area and saw the promise of what was coming,” he shared. “COVID accelerated the growth of Chattanooga because of the quality of life and outdoor living opportunities here, and the pro-business attitude of the state, city, and county leadership has been incredible in that growth.”
With degrees in business and construction science, Compton sees beyond the surface of buildings and identifies the potential in older properties. Over the last few years, Compton and his team have redeveloped over ten properties with the average age of the properties in the range of 110-120 years old. “We love the old buildings, the old architecture, and the stories that come with those types of unique projects,” he said. “Because we have a structural background, we can evaluate an older existing structure and find the hidden value in it that others are not willing to spend the time to figure out. We also have in-house engineering and can be efficient with our designs and costs to find a safe, cost-effective way to get the project done without sacrificing quality.”
One current project is Park Tower, a revitalization of the old Park Hotel downtown. “The fact that Park Tower is a nine-story tall solid concrete building is unique in itself for the age in which it was built,” he said. “It was in tremendous shape and it has such great character. When it was built in 1915, it was the tallest building downtown and it was known as the swankiest hotel in Chattanooga. There is a really great story there that has been lost.”
The multi-function building is based on a concept Compton saw in Miami. “There are all types of uses in one building. There are condos that people live in and hotel rooms that are managed with maid service, so it's truly flexible,” explained Compton. “We saw a similar use for a property like Park Tower, with its incredible views and proximity to so many great restaurants, nightlife, historic theaters, museums, etc. We knew flexibility would be key, not just for us, but for buyers and investors to have ultimate flexibility. So, the building is designed for a full range of functions, providing unparalleled beauty on top of the utility.”
Park Tower will offer forty-two housing units ranging from studio spaces up to large 2 bedroom, 2 bath condos. Units on most floors will have a panoramic 360-degree view of the city and surrounding mountains. The building will include amenities such as an on-site full-time valet/doorman, spa, 24-hour security, gym, coffee shop, juice bar, restaurant, and rooftop bar lounge.
The building’s design concept is Gilded-Industrial, which merges elegant touches from the Gilded Age with more modern industrial elements like exposed brick and concrete. “The original concrete will be stained and tinted white, giving it a white marble-like finish,” said Compton. “Crown molding, baseboards, and trim will complement the exposed brick and polished concrete floors. It’s truly the best of both worlds.” State-of-the-art, high-end appliances and finishes complete the luxury living spaces unlike any other in Chattanooga.
With its central location downtown, Park Tower is within walking distance of not only courthouses and offices, but also the Tivoli Theater, Soldiers and Sailors Memorial Auditorium, Market St. Bridge, Chattanooga Aquarium, Hunter Museum of Art, and the University of Tennessee-Chattanooga campus.
Other projects in the works for Southern Spear Properties include turning the old Lucy Boiler Company into a new mixed-use development called Lucy Quarter. With construction slated to start in spring 2025, Lucy Quarter will eventually be home to roughly 60,000 square feet of retail and commercial space as well as over 60 townhomes.
In addition to breathing new life into older properties, Compton also invests in people and the local community. Compton, who also owns Tomahawk Crane & Rigging and Southern Spear Ironworks, uses these businesses to pour into the community in many ways, including through several local outreach programs.
The Howard High School Workforce Program provides training and apprenticeships for students, giving them access to learn valuable and marketable skills and equipping the students for a bright, successful, and hope-filled future. Through a partnership with the Silverdale Detention Center Reentry Program, qualified inmates work at Southern Spear Ironworks, learning a trade and earning an income. The goal is to provide inmates with skills to effectively reenter society after incarceration, in return lowering the recidivism rate, which is the rate at which a convicted criminal reoffends.
As Compton continues to invest in the Chattanooga community, he also encourages other entrepreneurs to invest in their dreams. “I started working out of my apartment with a credit card and a little bit of savings,” he shared. “Instead of buying temporary things when I made a little money, I reinvested in myself, my company, and my goals. That reinvestment compounds over time for a much greater return, so keep investing in yourself and your business and you’ll see greater rewards in the long run.”
For more information on Park Tower, which is slated to open in the Fall of 2024, visit parktowerchatt.com or email Parktower@southernspearproperties.com. For updates and opportunities, visit www.southernspearproperties.com, www.TheSouthernSpear.com, and www.TCRcranes.com.
Park Tower is soon to be Chattanooga’s grandest condominium in downtown. Whether you desire to live in this luxury or secure a long-lasting highly lucrative investment, don’t miss this rare opportunity. All Park Tower condos can be short-term vacation rentals or long-term leases immediately upon completion.
The pandemic accelerated the growth of Chattanooga because of the quality of life and outdoor living opportunities here. The pro-business attitude of the state, city, and county leadership has been incredible in that growth.
With its incredible views and proximity to so many great restaurants, nightlife, historic theaters, museums, etc., we knew flexibility would be key, not just for us, but for buyers and investors to have ultimate flexibility.