Nashville developers who are planning a $40 million residential development along the back side of Cameron Hill have purchased 11 acres next to the Cameron Harbor Development.
Evergreen Real Estate acquired the old Vulcan property, along the river below the former Gilman Paint Company.
Buck Schimpf, developer of Cameron Harbor, said the Nashville group has a separate project from his.
Evergreen Real Estate recently raised $4 million from 19 investors in an equity offering.
Officials said that funding will be used for building 71 homes and 200 apartments facing the river and the nearby Moccasin Bend.
The project is known as Cameron Harbor. up raised the funds from 19 investors, with a minimum offering of $50,000.
The firm is headed by Aaron White and Hunter Connelly.