Investment partners Hiren Desai and Jimmy White of Urban Story Ventures announced that they have purchased 534.5 acres on Corral Road atop Signal Mountain for a total price of $5 million.
Over the next several months, the developers said they will focus on a land plan and detailed project scope for the best use of the site.
Officials said, "Urban Story Ventures is committed to maintaining the character of the land and will request input from neighbors in their effort to create a development that suits the unique mountaintop community."
The purchase was from William E. Matthews, Hillcrest-Norfolk Properties Lp, Argil J. Wheelock and Jerry W. Mitchell.
The address given on the property transfer was 7019 Sawyer Road.
The group is involved in a number of local developments, including a major project at the former Alstom site.