The East Ridge City Council on Thursday night voted to sell the old swimming pool on Monroe Street for $650,000.
City Manager Andrew Hyatt said the buyer is Polestar Development of Hixson.
He said retail development is planned at the site, but he did not know details.
The council in May 2010 had voted to proceed with the purchase of the swimming pool facility managed for 42 years by the East Ridge Youth Foundation.
The foundation earlier in 2010 found itself unable to keep up with the mortgage payments and was facing foreclosure on the centrally located property.
In assuming the property, East Ridge had agreed to pay off a loan owed by the foundation.
East Ridge discontinued operation of the pool after the purchase.
The pool was later filled in and the property was graded to make it more appealing to developers.