Becky Cope English, a partner with Riverton Development Group, talks about acquiring a large tract of land that was former Blue Cross property across from the Tennessee Riverpark on the Tennessee River. (Staff photo by Tim Barber)The largest undeveloped riverfront property in Chattanooga has a new owner with plans for more than $200 million of residential and commercial development built around a town center, or New Urbanism design.
A newly formed local development group paid $8.1 million to buy more than 210 acres on the Tennessee River in Lupton City from BlueCross BlueShield of Tennessee, which once planned to use the site to build its corporate headquarters.
The new owners are organized as the Riverton Development Group and they hope to soon develop a master plan for their newly acquired site. The preliminary plan is to build a walkable neighborhood with an array of housing, a town center and numerous recreational amenities.
Becky Cope English, the Realtor for the project and one of the principals in Riverton LLC, said the Riverton name combines River and Lupton City and will be carved out of part of about 1,000 acres that Dixie Yarns founder John T. Lupton acquired in the 1920s to house a mill for Dixie Yarns.
“It’s a terrific site next to the Champions Club tennis courts and Rivermont Park with a boat launch and with 3,300 linear feet of water access along the Tennessee River (just downstream of the C.B. Robinson bridge),” Cope English said. “There are lots of public recreation amenities adjacent to one of the most beautiful undeveloped parcels in Chattanooga – only a 5-minute drive from downtown.”