A Georgia developer reportedly has walked away from plans to acquire 216 acres of undeveloped riverfront property in Chattanooga from insurer BlueCross BlueShield of Tennessee.
The Timesfreepress.com said the Lupton City property along the Tennessee River, once planned for a BlueCross BlueShield corporate headquarters, had been under contract to Augusta-based Blanchard & Calhoun Commercial since October.
The insurer was seeking $10.25 million for the property. Blanchard & Calhoun Commercial reportedly was considering a mixed-use development. Blanchard and Calhoun Commercial could not be reached for comment Friday.
A year ago, Blanchard and Calhoun Commercial acquired 23 acres on the river in Knoxville for a $160 million mixed-use project, Knoxville Riverwalk at the Bridges, which is expected to be completed by first quarter 2016.
