LAFOLLETTE, TN. (WLAF)- To move forward the development of 18 city owned acres, a real estate company has been employed to market the land.

Yesterday morning, in a special called meeting, LaFollette City Officials met with Blue Ridge Realty representatives to finalize the agreement.

The “focus will be on the front property,” said Dan Barnett of Blue Ridge Realty of Knoxville. The front of the property consists of three separate tracts that total six acres. The selling price for the land as package will be $3,080,000 with the realty company receiving a 10 percent commission when a sale closes. There is a two percent commission that could be paid to a buyer’s agent if one becomes involved in the sale. The two percent buyer’s commission would be taken out the seller’s 10 percent commission, it was disclosed in Thursday’s meeting.

When broken out the tracts are noted as:

  • A 1.5 acre tract known as the “strip center pad” with a price of $550,000 per acre
  • A two acre tract known as the “hotel pad” with a price of $440,000 per acre
  • A 2.5 acre tract known as the “restaurant pad” with a price of $550,000 per acre

“We want to move this project forward,” said LaFollette City Administrator Stan Foust referencing the LaFollette Sports Complex development.

The restaurant focus will be on “sit down” establishments with a “mid-ticket” price range, said Barnett. There has been a level of interest from a few eateries, but Barnett said disclosing the names at this point could be counterproductive. “We are talking to people,” he said.

The city hopes to sell the property as a package for just over $3 million.

Given the proximity of the proposed hotel to the anticipated sports complex, Barnett said that any chain that built at the site would need to be “affordable for teams.”

LaFollette chose to partner with Blue Ridge Realty after ARDURRA, the engineering firm overseeing the sports complex project, connected the two entities.

Blue Ridge Realty has been given one year, per the terms of the contract, to sell the land. There is a 180 day extension clause in the contract.

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(WLAF NEWS PUBLISHED 2/16/2024- 6AM)

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