CHATTANOOGA, TN (Times Free Press) — The group of financial investors that bought Parkway Towers in 2008 is now selling the four-story building at auction on Nov. 12, or before if given the right offer. "No reasonable offer will be refused, so to speak," said Joshua Olshin, one of the partners who headed up the investment into Parkway Towers. He and Maurice Kadosh were the two primary figures in Parkway Towers Development Inc. The goal in 2008 was to purchase the run-down building, add three stories and turn it into a mixed-use space with commercial and residential spaces.
"At the time we bought it, things were in the upswing," said Olshin. But the following year, the economy went into recession, and the investors decided to wait on putting money into Parkway Towers. For various reasons, the investors never came back to the project.
Parkway Towers presents a unique challenge because of its sturdy, 1910s industrial construction. It served originally as a Tennessee Electric Power Co., substation, storing electricity generated at the Hale's Bar Dam in Marion County. "It's a fasinating structure," said Paul Smith, executive director of The Stadium Corporation, which oversees Finley Stadium and the First Tennessee Pavilion, both Parway Towers neighbors. "I always tell people that the inside walls are almost as thick as the outside walls," he said.
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