Last week, I received several messages about a property that was advertised on Powell Auction. They report they will be auctioning a 13.44 acre parcel of property on Hwy. 70 West. The ad goes into a long list of possibilities for the property including rental property. This is not correct.

Back in September, the owner/developer Robert Tinnel, requested a rezone of the property to the new county zoning district, R-2. R-2 allows for multi-family development. While before the planning commission, Tinnel was asked if the development would be rental. He replied, NO, it would be 26 town homes, individually owned. The planning commission approved the rezone request based on his statement.

When the request came before the county commission in October, we also approved the rezone with two stipulations. This rezone was only for this owner/developer and only for the proposed development. If either issue changed in any way, the R-2 rezone would be void.

So in spite of what the auction ad says, if the current owner sells the property, the zoning reverts back to R-1, which does not permit any multi-family developments. A new owner would have to come back through the planning commission and county commission for a new request. (The ad says the property is zoned R-1, This in incorrect.) 

This situation is exactly why the county revamped many of their zoning regulations. It prevents one developer from coming in, promising to do one thing, then turning around and selling it to another developer who would do something that had not been approved.

Below is the information from the auction company. Most of which will not apply if the property sells.

New Duplex Development – Lenoir City, TN 37771 ONLINE ONLY REAL ESTATE AUCTION 915 Highway 70 W – Lenoir City, TN 37771 13.44+/- acres of land in Lenoir City with fully approved concept plan for shovel ready subdivision development

Prime Development Opportunity in Lenoir City – Loudon County

Investors and developers, seize an exceptional real estate opportunity in one of Lenoir City’s most strategic locations. This 13.44+/- acre Planned Unit Development (PUD), represents a rare canvas for transformative real estate investment.

Development Potential

The property offers multiple lucrative development strategies:

·        No established covenants & restrictions

·        Loudon County taxes only

·        Fully approved concept plan for 13 lots

·        Approved for 26 total residential units, with all plans and construction documents conveying

·        R-1 Zoning

·        SWPPP already in place

Strategic Location Highlights

·        Situated just off Highway 70 in Lenoir City

·        Immediate proximity to Highway 321

·        Quick access to I-75

·        Entry to property from Abbott Road off of Highway 70

Investment Opportunities

Investors can:

1. Complete lot development and sell individual parcels

2. Construct condominiums for immediate resale

3. Build out as a rental property portfolio

The approved concept plan and strategic location make this a turn-key development opportunity with minimal development hurdles. Whether you’re a developer seeking to maximize return or an investor looking to diversify your real estate portfolio. This property is a blank canvas with no current restrictions – it is not a part of the current Pleasant Ridge Subdivision. Investors can draw up covenants and restrictions for the development at their liking. 

All development plans and approvals to be given/transferred to the Buyer at closing. Buyer is responsible for the transfer of permits to entity or individual of Buyer’s choosing.