Ignoring an offer that was $50,000 higher, members of the Chattanooga Housing Authority voted Tuesday to sell the former Harriet Tubman public housing site to a Chicago company for $2.85 million.
Executive Director Betsy McCright told the board the higher offer did not come in until an agreement had been reached with Lakewood Realty Group of Chicago, and the firm had put down $50,000 in earnest money.
Given the increasingly heavy costs of maintaining and securing the Harriet Tubman property, she recommended that the agreed-on sale be approved.
Board members – with the exception of its chairman, who abstained – voted unanimously to approve the transaction.
According to CHA staffers, Lakewood has told them it plans to put 440 housing units on the site – the same number of units as Harriet Tubman had for rent. They will include 100 units for seniors, 220 units supported by HUD vouchers, and 120 market rate units.
However, board members were told, Harriet Tubman will no longer be a low income public housing development, and CHA will have no control over what Lakewood does with the property.