Ridges Capital and Yonah Capital, real estate investment firms based in Hiawassee, Georgia, announce the joint acquisition of Spring City Resort and Marina in Spring City, Tn., for $2.2 million. The deal promises an additional $1.4 million in development in 2023 and a continuing four phased development plan over the next five years.
“As investors, we were very drawn to the innate beauty of Watts Bar Lake and the surrounding landscape, and the proximity to both Chattanooga and Knoxville aligned with our goals.
We plan to develop the existing property of Spring City Resort and Marina in a way that will add tremendous value to the community and provide positive long-term economic impact for not only Spring City, but all of Rhea County,” said Wesley Dowdy, managing partner of Yonah Capital.
The acquisition, which includes a 60-year leasehold from the city, received a unanimous vote from the city board. “We certainly want to thank the city leadership for their vision for this project and for wanting to participate in a project that will benefit the public for many years to come. We’re excited to work with the community to build something that both locals and tourists will enjoy,” said Dowdy.
The five-year plan has a four-phased approach that will include additions and upgrades to the accommodations, the marina and the addition of a floating water park. Phase 1 is currently underway which consists of the development of a new brand and website and interior and exterior renovations to the existing cabins, and the addition of domes and yurts, a new dock, the water park installation, and non-motorized water activities.