Almost 24 acres on Charlotte Avenue just west of Interstate 40 will be sold at auction April 19 at the behest of the West Tennessee bank that had backed ambitious development plans there.
The property, whose street address is 6950 Charlotte Pike, had been targeted by Oregon development company Alpha LLC for the H2O Urban Waterfront District, a massive mixed-use waterfront project comprising hundreds to residential units, 116,000 square feet of office space and more than 200,000 square feet of retail.
Community South Bank out of Parsons financed Alpha’s land purchase almost three years ago with a $3.75 million loan. The principals of Alpha had planned to break ground on their development by the spring of 2009 but — like fellow waterfront project Cumberland Yacht Harbor — fell victim to the property crash.
Last fall, Cushman & Wakefield Cornerstone Commercial Real Estate Services brokers Don Albright and Mike Jacobs last fall listed the property for $10 million — double what Alpha had paid 30 months earlier. But no one bit on the offer, leading all parties to the steps of the Davidson County Register of Deeds office.
Attempts to reach Albright and trustee Joseph Jensen of Stites & Harbison on Wednesday were not successful.