A hundred and five townhomes are planned on the nine acres at the former East Brainerd Elementary School.
Developer Clint Wolford earlier tore down the old school at 7453 East Brainerd Road.
His plans for the property had included a restaurant, grocery and retail space.
RP Homes this week acquired the property from Ebes Partners Llc for $5,330,000.
Chris Todd of RP Homes said, "Our upcoming community at the old East Brainerd Elementary site is a groundbreaking development that will exude unparalleled value for the area.
Nestled in a prime location, this affordable housing community is set to redefine modern living with a perfect blend of convenience and tranquility.
"Situated in the heart of East Brainerd, this 105-home community will take full advantage of its central location, offering easy access to schools, shopping, dining, and entertainment. Residents will enjoy the best of both worlds, being in the midst of all the area's conveniences while experiencing the serenity of a secluded oasis.
"Future homeowners will get to choose from a carefully curated collection of floor plans and home types that cater to diverse preferences and lifestyles. Each offered floor plan is designed with meticulous attention to detail, ensuring comfort and functionality for modern living.
"Outside of the homes, homeowners will experience the enchantment of a lush, green landscape that surrounds the community, providing a park-like ambiance. This community is thoughtfully designed to be an escape, offering residents a serene environment right at their doorstep, yet a mere feet from everything East Brainerd has to offer.
"We expect the prospective buyers to be blown away as they step into a world of luxury with top-shelf amenities that are unlike anything else in the area. Homeowners can unwind by the resort-style pool, perfect for relaxation and recreation, or utilize the community clubhouse as a collective space for social gatherings, events, and community activities, enhancing the overall living experience.
"This community promises to be a unique living experience that combines affordability, prime location, and unparalleled amenities. An incredible amount of thought went into this historic site to ensure it was filling the best need for the immediate area. The result is creating a vibrant community where residents can thrive in comfort and style at an attainable price. This community is a bit of a unicorn as there is simply no other community like it."
Mr. Todd said the average list price of a new construction home in Hamilton County has soared to "an astounding $575,000. As opposed to relying on people relocating from more expensive markets like California or the Northeast, RP Communities is committed to providing attainable, quality homes for the people of Chattanooga. This is evidenced by the fact that our East Brainerd Elementary community, like all of our local communities, will be priced roughly 35 percent below the competing average. I expect that percentage to grow as the cost of new construction continues to climb here in Hamilton County.
"At RP Homes, we are not attempting to be the cheapest option, but we are committed to being the most valuable. When looking at sites like the East Brainerd Elementary site, we challenge ourselves to find ways to include top-tier amenities, high-end standard specifications, and do everything we can to ensure excellent resale value for the people that purchase one of our homes. We take tremendous joy in seeing the equity our homeowners get to experience in a brand-new home."