DeVaney Says BlueCross Wanted Right Developer For Huge Riverfront Tract

The broker who handled the sale of a huge riverfront tract at Lupton City said seller BlueCross BlueShield had been looking for just the right buyer before agreeing to let go of the site once envisioned as company headquarters.

David DeVaney of NAI Charter said, "I believe we did find the right developer for what is one of the most important tracts for Chattanooga's future development."

The purchaser of 216 acres near Dupont Parkway was listed as Riverton LLC, but no details have been given on their identity or specific plans for the site.

Mr. DeVaney said a mixed-use development is planned at the site, which includes the nine-hole Lupton City Golf Course.

He said BlueCross wanted a buyer who would bring the most positive effect for the community.

Mr. DeVaney said the planned development will be "very progressive. It will be exciting to see." He said it will include "lots of green space and pathways for an active community."

He said there are several exits from the property, and he does not believe the development will add significantly to traffic problems. 

The sale price was $8.1 million for the tract that includes 3,300 feet of contiguous Tennessee River frontage.

Mr. DeVaney said he showed the property about 40 times "and every time I noticed something different about it."

He said the higher portions include spectacular 360-degree views of the river, downtown and the surrounding mountains.

"It's a beautiful tract of land," he said.

Mr. DeVaney noted that his firm handled the sale in 2001 when BlueCross acquired it from Dixie Yarns. The old Dixie Yarns mill is nearby.

BlueCross wound up building a headquarters on Cameron Hill.

Ben Pitts of Walldorf Realty represented the buyer.

See full article here: http://www.chattanoogan.com/2018/1/19/361874/DeVaney-Says-BlueCross-Wanted-Right.aspx