The lead engineer for the city's transportation department said it will cost $5 million to fix problems with Lake Resort Drive near the roundabout and Highway 153.
Katie Snyder told members of the City Council that the preferred option is construction of a soldier pile wall with anchors.
She said there were more costly items - a soldier pile wall costing $11 million and a 400-foot bridge costing $7 million.
The city noticed "advanced failure" in the eastbound lanes on Feb. 23 after heavy rains. Both lanes of the heavily traveled road between Hixson and Big Ridge were initially closed, but the westbound lane was opened the next day.
Ms. Snyder said it was found that "the whole hillside" is in danger of a slide because of the type of soil. She said the soldier pile wall with anchors would hold even if other portions of the hillside continue to slide.
Bids on the project are set to go out in August with the work starting in October. The project will take about eight months and be ready next June or July.