Tim Downey Now Developing Huge Aetna Mountain Tract

Tuesday, March 25, 2014

A local developer is now in charge of a planned $70 million residential and commercial on Aetna Mountain in Lookout Valley.

Tim Downey is in charge of the project that was formerly overseen by Brant Enderle, who had been involved in a number of projects around the country.

Mr. Downey founded the Southern Land Company in 1986.

The Black Creek Mountain group received approval in 2012 for a Tax Increment Financing (TIF) District to pay for a $9 million road up Aetna Mountain to the development.

Doug Stein, one of the developers on the project, earlier said the site "may be the most important piece of land in our community remaining to be developed."

He said the property is as high as Lookout Mountain, flatter and has more acreage than the town of Lookout Mountain, Tn. He noted that it is now all within the city of Chattanooga with recent annexation.

He stated, "This is really developing another small town."

Mr. Stein said there is room for 1,400 to 1,500 residential units on top of the mountain based on a low density. He said the group plans at least 200,000 square feet of commercial space that includes public recreation facilities, assisted living, resort and lodge facilities and a corporate retreat center. The houses are to be in different price ranges, starting at $185,000. 

He said the group has set aside corporate office space, land for the public school system, a town center, an office park and space for restaurants.


 



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