Hamilton County is eliminating a $6.5 million minimum bid requirement for the county-owned building at 100 Cherokee Blvd. known as the Business Development Center, which the County Commission voted to declare as surplus in May.
Chattanooga commercial real estate firm NAI Charter listed the property for sale in September and is accepting proposals from potential buyers until Nov. 23.
“Hamilton County desires to let the market judge the value of 100 Cherokee Blvd. and has therefore removed the pricing guidance included in the original marketing material,” Jeff Jennings, vice president of NAI Charter and the broker handling the sale, said in an email. “There shall be no minimum bid.”
The required minimum bid was based solely on the appraised value of the property, Jordan Karnbach, press secretary for Hamilton County Mayor Weston Wamp’s office, said in an email.
“After conversations with our broker, we decided to remove the minimum bid of $6.5 million to encourage broader conversations about the property and its highest and best use,” she said.