A large ridge top tract of land that features panoramic views and was once proposed as the site of a Target retail development is now for sale.
It’s not clear how the property, which was cleared and graded more than a decade ago, might be used. There have been inquiries about multi-family apartments, single-family homes, and industrial uses, said Tom Tuck of TNBANK, which is based in Oak Ridge and now owns the property.
The land, which is also known as The Summit, is on Pine Ridge along South Illinois Avenue between Scarboro Road/Lafayette Drive and Centrifuge Way. It’s on the ridge top on the right side of the road as you head up the hill toward Centrifuge Way leaving Oak Ridge and driving to Knox County.
TNBANK foreclosed on the property in February. The previous owner was Revis Family LLC, according to Anderson County property records.
Utilities are in place, including electricity and water, Tuck said. Most of the roads are city roads, and street lights are in place. It could be considered “pad ready,” Tuck said.
The property is being sold as one tract of land, and it includes roughly 85 contiguous acres of open land and a tract of about 15 acres with a building of about 30,000 square feet.
The building was the Offsite Record Storage Facility, and it was used to house classified nuclear documents for the Y-12 National Security Complex. It was built by businessman and scientist Nathaniel Revis, who was president and chief executive officer of Scientific and Technical Resources and died in July. The original 10-year lease agreement on that building expired in 2015, the Knoxville News Sentinel reported at the time.
Tuck said a listing agreement has been in place for the Pine Ridge property for about 30-60 days. There was an interested purchaser who put the property under option but did not execute the option, Tuck said.
He said there have been a “goodly amount” of inquiries, and the realtor is actively responding to them.
The land is being actively marketed, Tuck said, and there is a potential purchaser who could be interested in the building on Pine Ridge and the land around the building.
There is a marketing sign posted at one entrance off South Illinois Avenue that has been posted by CornerStone Realty Associates LLC. A representative wasn’t immediately available Thursday afternoon to provide a sale price for the property.
More information will be added as it becomes available.
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