A high-profile riverfront tract of land on Chattanooga’s North Shore, on the block for $5.9 million, may be bought by a local development group.
The 6.6-acre parcel that’s part of Chattanooga businessman Allen Casey’s bankruptcy case was to have been purchased by a North Carolina firm, but the company has backed out of the deal, officials said Thursday.
Jerrold Farinash, the trustee in Casey’s case, said in U.S. Bankruptcy Court that a local company now wants to buy the vacant site that sits across the Tennessee River from Ross’s Landing.
Farinash identified the company as KCB Operations GP. He said he didn’t know the principals behind the company, but that they weren’t adjacent property owners.
Judge Shelley Rucker asked during a hearing if the new group had previously bid on the property located just off Manufacturers Road. Farinash said the potential buyer is “local and entirely new to the transaction.”