A Chattanooga developer has sold almost half of a key 12-acre parcel across the Tennessee River from Ross’s Landing that has been mentioned as a site for a hotel and waterfront condominiums.
River City Resort Inc., run by developer Allen Casey, has sold a 5-acre tract to Chattanooga businessman S. Jackson Wingfield III for $2.9 million, according to the parties.
Mr. Casey said the entire undeveloped riverfront parcel off Manufacturers Road and adjacent to the One North Shore condominium project, is for sale.
He said both he and Mr. Wingfield are working together to sell the land.
Part of his acquisition paid off an outstanding loan that Mr. Casey owed, Mr. Wingfield said. He is interested in reselling the land.
“I’m not a developer. Right now, I’ve had a lot people call and want to buy the property,” he said.
Mr. Casey’s attorney, Michael G. Williams, said Mr. Casey as the right to buy back Mr. Wingfield’s property if someone makes a bid for it.
In addition, Mr. Williams said there is interest by a railroad company that has a rail line through the site to consider alternatives and free up a portion of the property.
In 2004, there were plans for a 98-room AmeriSuites going up on the land along with 60 condominiums and a restaurant, but nothing has been built. But Mr. Casey said a hotel is still in his plans.
Mr. Casey said the tract is made up of seven parcels and could be sold as a whole or separately.
The site is “the property for hotel and shopping center development opportunities,” he said.
Mr. Wingfield, chief executive of Wingfield Scales & Systems in Chattanooga, said two developers in Atlanta and one in Nashville have expressed interest along with others in Chattanooga.
The North Shore is undergoing a slew of development, with about a half dozen projects under way and slated to include commercial space and condos.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...