A Georgia company has backed out of a plan to buy one of the largest remaining undeveloped riverfront tracts in Chattanooga, but other parties are showing "solid interest," a Realtor said Monday.
"It wouldn't surprise me that within 30 to 60 days we'll have offers," said David DeVaney, president of NAI Charter Real Estate Corp., about the 216-acre parcel. "We had multiple offers on the property."
The BlueCross BlueShield of Tennessee land in Lupton City was under contract to Blanchard & Calhoun Commercial since October as the developer was performing due diligence on the site between Hixson Pike and DuPont Parkway on the Tennessee River.
DeVaney said the agreement to sell called for the Augusta, Ga., company to make "additional commitments" before closing, but the developer decided to end the deal and walk away.
BlueCross is asking $10.25 million for the tract, which the insurer bought in 2001 to build its corporate headquarters and consolidate operations then housed in 10 different Chattanooga buildings. Under pressure from then Mayor Bob Corker and others, BlueCross later decided to stay downtown and build its $299 million corporate headquarters atop Cameron Hill.
BlueCross Vice President Roy Vaughn said company officials believe the site is "an outstanding piece of property."
"We feel confident we'll get a buyer soon," he said.
Blanchard & Calhoun Commercial didn't return phone calls for comment. In October, a company official said that single- and multi-family homes, village-type concepts and commercial space were options it was eyeing. Chris Senn, a vice president for the development group, said officials saw continued investment by national and international companies in the Chattanooga area.
"It's right in our wheelhouse," said Senn then about the potential redevelopment of the large wooded site that has 154 acres on the river.
DeVaney said the latest interest in the land is coming from both local and regional businesses.
He said that to have 216 acres on a river close to a metro setting is "highly unusual."
DeVaney added that the national economy is picking up steam, banks are lending more, and joblessness is falling.
Also, Chattanooga is benefiting from "a cool vibe" now with an increasing reputation for growth, he said.
The Lupton City location was bought by BlueCross from carpet maker Dixie Group and includes the 9-hole Lupton City golf course. The BlueCross site for sale also has 54 acres along Lupton Drive near the remnants of a thread mill once owned by Dixie Yarns and later R.L. Stowe Mills Inc.
Blanchard & Calhoun Commercial also is pursuing a 17-acre mixed-use development on Riverside Drive in Chattanooga near Erlanger with 387 proposed multi-family residential units. That site formerly held the Cannon IMI manufacturing plant for many years.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.