The old Peerless Woolen Mills building in the heart of Rossville was sold at auction last Thursday for $125,000.
That’s about 12 and a half cents per square foot for the 1-million-square-foot complex, which has been idle for years, or $4,630 per acre for the 27-acre site.
The winning bidder was Steve Henry, who runs a Ringgold construction business that mainly builds homes. Henry also is chairman of the Catoosa County Commission.
Henry – who said he was surprised to be the high bidder – doesn’t yet know what he’ll do with the old mill that employed some 3,000 people in its heyday around World War II.
“It’s a beautiful piece of history,” he said. “One thing I’ve always thought about is doing a retirement home or a community here.”