A stalled development on Shackleford Ridge is going to auction while 55 combined acres of undeveloped land is going on the market just a short distance down the road.
Dogwood Grove will be sold in parcels at a foreclosure auction June 12. A 45-acre tract near Windtree is for sale for $950,000. Another 10-acre site two properties away is already under contract for $200,000.
“It’s been a rough go for all developers, but absolutely, I think Chattanooga and the Southeast region are poised for a bounce back quicker than any area. Signal Mountain is no exception,” said Kostas Iannios, owner and developer of Dogwood Grove.
Nineteen lots will be auctioned in the 24-home master planned subdivision that has been in the works since 2007 across the road from Nolan Elementary School. The development plan was approved just before the sewer moratorium went into effect on the mountain, although the community was pre-approved for sewer. The auctioned lots will not carry the strict development covenants and restrictions on the size and style of homes to be built in the subdivision, according to Furrow Auction Company, which is handling the sale.
The undeveloped tracts down the road owned by local veterinarian Wellington Ford are not approved for sewer and fall under the current moratorium restrictions.