Developers Of Walnut Hill Townhomes Sell Final Phase

Thursday, October 11, 2018

Developers of the Walnut Hill Townhomes are selling the final phase to another Chattanooga developer.

Dale Mabee of the original development group that launched the project in 2008 said the sale is to Calvin Ball of Tower Construction. He said some Nashville investors are also involved.

The sale to 245 Walnut Street Llc from Urban Renaissance Group Llc is for $3.2 million.

The townhomes will eventually cover the entire block bounded by Walnut and Cherry streets and Third and Fourth streeets.

Mr. Mabee said his group was ready to go on the final phase along Walnut Street when it obtained the offer for a site that is now a surface parking lot.

He said he and co-developer Don Moon are nearing retirement. He said the third developer, Mike Moon, is turning his attention to single-family homes and car washes.

Mr. Mabee said, :We feel some attachment to our neighbors who bought the current townhomes and the deal includes a contractural obligation that the remainder of the townhomes be built to the same quality.

He said they will use the same plans and design as his group was ready to proceed on.

Mr. Mabee said the transaction includes some signed reservations for some of the units.

In the final phase, there will be two-story and three-story units with prices ranging from $750,000 to above $1 million, it was stated earlier.

Smaller units were built along Third Street after the initial spacious townhomes were constructed along Cherry from Third Street to Aquarium Way. 

There will be no townhomes facing Aquarium Way.

The group paid the city about $850,000 for the parking lot site. It earlier paid the city over $1 million for the rest of the property.

 

 


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