Major Southside sale
On the other side of town, as further evidence of the Southside’s booming property values, a buyer paid $2.1 million for a three-story brick building on West Main Street.The site at 27 W. Main St. that Chuck Cagle bought in 1992 for $66,000 was used as a first-floor gay bar, Chuck’s II, and his third-floor personal residence.Cagle, who couldn’t be reached for comment, closed his bar on Oct. 22. He explained beforehand on the bar’s Facebook page that he got an offer for the property “that just cannot be turned down.”The buyer is listed as Sai Main LLC by the Hamilton County Register of Deeds Office, which recorded the sale on Nov. 1.The property’s future is still unclear.- Tim Omarzu, staff writer
Last week, a U.S. Bankruptcy Court judge OK’d a settlement in the case of Chattanooga businessman Allen Casey that involves the bulk of claims and keeps on track a potential sale of valuable riverfront land downtown.
Judge Shelley Rucker said the agreement “settles a substantial amount” of the case and it allows a $5.9 million sale of 6.6 acres of land off Manufacturers Road to potentially be finalized.
A North Carolina development company wants to buy the riverfront tracts, where Casey had hoped to put a multimillion-dollar development of his own, but nothing was ever built.
Jerrold Farinash, the trustee in Casey’s bankruptcy case, said CW Development Co., located outside Charlotte, N.C., is interested in building commercial ground-floor space and either apartments or condominiums on upper levels of a project. He said the land deal could close by next summer or early fall.