Blythe Ferry is located on the Tennessee River in Meigs County, Tenn.VIDEO
This story is featured in today’s TimesFreePress newscast.
Rarity Rivers redoBuyer: Vital-Blyth Ferry Holdings LLC, a limited partnership owned by Chattanooga developer Greg VitalSeller: Capital Bank, which foreclosed on former owners Mike Ross and Toby McKenzie in 2009Sales price: $4 millionSize: 528 acres near the Tennessee and Hiwassee River juncture and adjacent to the Hiwassee Wildlife Preserve
As the “Rarity Force One” helicopter flew prospective buyers over 528 acres of lakefront property nearly six years ago, developer Mike Ross promised the Meigs County development “would be the nicest community we have ever built” among the dozen similar golf course communities begun a decade ago.
But Ross’ high-flying dreams soon were grounded by the housing slump that undermined his billion-dollar development dreams for Rarity Communities planned across East Tennessee. The proposed Rarity Rivers complex — the last Rarity community launched by Ross before his financial collapse — sold only four of the planned 600 home lots. Plans for an 18-hole championship golf course and boat marina on Chickamauga Lake never got off the drawing board.
After years of foreclosure and ownership battles, the Meigs County site has a new owner with a new vision. Chattanooga developer Greg Vital purchased the former Rarity Rivers development this summer, including the four lots that were repurchased by the bank. Vital is developing a new plan for the scenic lakefront site.