1-acre downtown Chattanooga tract sells for $3.2 million

John Smith works on the framing of a townhome in the Walnut Hill Townhomes development at Walnut Street and Aquarium Way.

A developer of a downtown Chattanooga block near the riverfront has sold a 1-acre parking lot on the tract to another group for $3.2 million.

Urban Renaissance Group sold the parking lot on Walnut Street, between Aquarium Way and Third Street, to a Chattanooga entity led by Tower Construction Vice President Calvin Ball.

Ball said plans are to build 11 townhomes on the site, similar to others on the block, with an asking price of up to $1.4 million each.

Dale Mabee of Urban Renaissance said his group had exercised an option to buy the 1-acre parcel from a city panel in 2014 for $850,000.

Mabee said the sale of the land to Ball's group included predevelopment planning for the proposed new townhomes along with infrastructure work it had done to improve the land, such as putting in sewers.