BlueCross BlueShield sells Lupton City property

CHATTANOOGA, Tenn. (WDEF) — BlueCross BlueShield announced today that it sold more than 200 acres on the Tennessee River to Riverton LLC, a local residential and commercial development company.

According to information released by Waterhouse Public Relations for Riverton, the deal was for $8.1 million.

The site is located five miles from downtown Chattanooga and has been referred to as the Lupton City property.

According to the release, the project is still in the planning phases but the concept is for residential communities, a town center, and numerous amenities.

The entire project is expected to be completed within five to seven years.

Studies indicate that the economic impact will be more than $225 million, according to the release.