The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-02-11
Bro1Un Leases Palace At
81, $50 Monthly Rental
Total Of $4,000 to Be Spent
in Immediate improvements,
1t Is Announced.

George K, Brown has secured an
extension of the lease on the prop
erty at 700 Market street, on the
southeast corner of Seventh and
Market streets, occupied hv the Pal
ace, extending his occ lcy until
1910. The monthly tiF = at which
this store is to rent is $ ierstood to
he $l,750, which woul lake a total
of $4,000 per annur { !. II. Miller
and +. l.. Miller ar : wners of the
building Mr. Brow sfused to con-
firm these figures z nich, however,
are understood or 6 cd authority to
be correct.
The old lease, lder which Mr.
Brown had the alace corner had
a period of na- years to run, the
new one extending the first one for
eleven years. The frontage at 700
Market street is twenty five feet,
with a depth of 12S feet This would
make the rental per front foot per
month a figure of $40, which is un-
derstood to be the highest rental
paid in the city of Chattanooga.
$4,000 Improvements.
Mr.. Brown announced today that
he intended to improve the second
and third floors of the Market street
building at an early date, and would
very likely install an elevator and a
stairway to give access to them. He
would not indicate the type of con-
cern which would occupy the up
stairs space, He expects to spend a
total of about $4,000 in these i'm
provements.
This is the fourth of a series of
large real estate deals which the
Brown interests have completed in
the past eight months, the sum total
of leases, investments and cOntem-
plated improvements aggregating
nearly Il million dollars.
On Aug. /, 1919, Mr.. Brown and
associates purchased from the Nc
Callie heirs the property at 600 and
6O2 Market streets, at present occu-
pied by the Embrey drug store and
Wassman Brothers, extending in
depth back to the oMrgan veterinary
hospital, on Cherry street. The con-
sideration was $4,000, This prop
erty is being improved and converted
into series of store buildings,
fronting on Sixth street, at a cost of
about 100000. This work is now in
progress.
On Aug. /, 1919, George *. Brown
and James Kalanzis, his brothor-in-
law, purchased the leases of the
Xenophon Wheeler property on Mar
ket street, comprising S22-24 30
Market street, from G. II. and +. l..
Miller T. r. Preston and Roland
Olmsted. In addition to assuming
the terms of the lease to the Wheeler
heirs cash bonus of $4,000 was
paid for these leases. Theye have q
term of nineteen years to run. The
property is at present occupied by
the Meyer Leach Jewelry company,
Pizitz- Smolan stores Trivcrs Cloth
ing company and Friedman's cloth
ing store.
Upper Floor Leased.
Since the purchase of the lease by
the Brown -Kalanzis interests, they
have leased to Pizitz a large floor
space above several of the stores, in
addition to their original space.
Mr. Brown purchased some unim-
proved real estate at the corner of
Tenth and A streets Dec. IS. He
expects to construct there a large
concrete manufacturing plant for the
manufacture of candy and ice cream
which together with machienry will
mean total expenditure around
$40O, 900. This work is to begin very
shortly. The George X, Brown COM
pany candy factory is at present on
Seventh street, Immediately in the
rear of the Palace soft drink and
confectionery parlors, which are
owned by it.