Walnut Commons Reaches Agreement To Pay $761,000 For Ground Rights

  • Tuesday, February 9, 2016

The Walnut Commons apartment complex at Walnut Street and Riverfront Parkway has reached an agreement to acquire the ground rights for $761,000.

The Chattanooga Downtown Redevelopment Corporation, a city board, now holds the ground lease and is due payments based on the cash flow of the apartments.

There was a disagreement earlier on the amount owed, and the city wound up suing the current Walnut Commons owners - America First Properties Management, of Omaha, Neb.

The owners paid the city $273,209 soon after the complaint was filed.

The CDRC is meeting Wednesday afternoon and will consider a resolution approving the deal worked out for the ground lease.


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