CBL paid $2.5 million to developer for Battlefield Parkway land

CBL paid $2.5 million to developer for Battlefield Parkway land

March 13th, 2014 by Tim Omarzu in Local - Breaking News

A vacant lot is near the Walmart on Highway 2A in Fort Oglethorpe.

Photo by Angela Lewis/Times Free Press.

CBL & Associates paid $2.5 million to developer Larry Armour for roughly 17 acres on Battlefield Parkway next to Walmart in Fort Oglethorpe on which it will open a new shopping center next spring that will house a Hobby Lobby, Marshalls, Ross Dress for Less and a Rack Room Shoes.

That's according to a deed documents filed Thursday afternoon at the Catoosa County Superior Court Clerk's office.

CBL, a Chattanooga-based company that's traded on the New York Stock Exchange and owns and operates malls around the country, announced the Parkway Plaza's retail lineup in a Wednesday news release - but didn't disclose the sales price.

Armour said he bought the site next to Walmart a little more than a year ago and has imported over 8,000 truckloads of fill material to get it ready for development.

Armour helped bring the Cloud Springs Road Costco to Fort Oglethorpe and is bringing a Cabela's hunting and fishing outdoors superstore near Costco that's due to open in fall 2015.

He's received close to $7 million from local government between the three projects: $700,000 to build a new intersection and traffic signal on Battlefield Parkway to Parkway Plaza, $1.5 million to improve the Cabela's site, and $4.5 million to move dirt and prepare the Costco site.

The subsidies were made in anticipation of sales tax and property tax the new retail will generate.

Contact staff writer Tim Omarzu at tomarzu@timesfreepress.com or 423-757-6651.