Urban Story Ventures Closes on The Dome Building, Looks to Next Chapter

Southeast real estate development group Urban Story Ventures is announcing the sale of the historic and iconic Dome Building in Chattanooga, Tennessee. The sale was finalized this week to Fisher Bay, a local real estate investment company.

 

 Photo Credit: Jacob Macias, Pinnacle Tour

“We’ve come full circle with the Dome and are looking at our next chapter” said Jimmy White, general partner and president of Urban Story Ventures. “Just like with The Edney, we made a purchase several years ago of a beloved property, took the opportunity to add value, and leased it to full capacity. This is the heart of what we do,” explained White.

Urban Story Ventures has a history of purchasing value-add properties, revitalizing them, and filling them with tenants. The developer sold The Edney in 2020 to Hendricks Commercial Properties and last year sold a portfolio of buildings nearing capacity in its Midtown Office Park to Greenleaf Capital.

“The Dome has been an icon of our portfolio, and we know it will be for its new owners who already have a presence just across the street with the Flatiron Building,” said JP Evans, director of leasing for Urban Story Ventures. “This sale closes a door for us but will open others as we continue to look for redevelopment opportunities throughout the Southeast.”

After purchasing the Dome Building in 2015, Urban Story Ventures took the building from inefficient and partially vacant to Energy Star rated and fully leased. The developer made several improvements, ranging from replacing the main roof to retrofitting lighting fixtures with LED technology fixtures to installing new air and water systems. In addition, most of the suites have been built out or improved within the past five years, and tenant turnover has been extremely low.

Megan Freeman, director of tenant relations, who has worked with many of the tenants for years, shared that the company “rarely has one or two suites vacant at a time.” Current tenants operate in a variety of industries including legal, financial, professional services, nonprofit, and fitness.

The Dome is on the National Register of Historic Places for its importance in the story of Adolph Ochs’ work in Chattanooga and the success of The Chattanooga Times which operated in the Dome. Ochs is famously known for purchasing a failing New York Times and successfully making it the most highly circulated paper in the United States.

Urban Story Ventures will continue providing property management, maintenance, leasing, landscaping, and billing services for its other downtown properties like King Street Station, the James Building, and the Bend. As mentioned previously, with most of its commercial properties at full capacity, Urban Story Ventures is focused on new developments and revitalization throughout the region.

Fisher Bay, LLC is based in Chattanooga and has a portfolio of primarily mixed-use and multifamily properties in the Southeast. The newest owners of the historic Flatiron Building across the street from the Dome, Fisher Bay looks for opportunities to provide great experiences which lead to stronger communities.

“We are excited about this acquisition as it continues our desire to invest in the historic corridor of downtown Chattanooga. We are pleased and honored to be the new steward of this iconic Dome Building,” said Robert Fisher, a founder and partner in Fisher Bay.