Opportunity in resort town of Pigeon Forge, TN

[Ryan Ilardi]

Daysprings Resort and Spa, Pigeon Forge, TN  $2,500,000

This project began with projections to develop 80 fully furnished high-end residential condominium units, among 10 buildings and associated common elements on an 11 acre campus. Marketing materials for the property highlighted its location two blocks from the Pigeon Forge Parkway and proximity to the Gatlinburg Country Club, Dollywood and Splash Country. At completion, the development was to offer a full service spa, large clubhouse with pool, hot tub, etc., three tiered waterfall system, broad mountain views and more. The project met with severe market condition changes at its outset and was foreclosed upon on October 2, 2010. the development has been in bank inventory since that time. As of to date, significant land work has been completed to create pad sites for the 10 proposed buildings, underground utility conduits have been installed to each of those sites and interior roads have had their base asphalt coats, curbs and gutters placed. Building No.3 has been essentially finished and made ready for occupancy. It is noted that the interior of Building No.7 has not been fully completed. The northeastern portion of the property has been improved with a multi-level terrace and extensive retaining wall system as well as a concrete components put in place to support planned common elements - a clubhouse/spa, in-ground pool, etc.

Pigeon Forge is a mountain resort city in Sevier County, Tennessee, located in the southeastern United States. Situated just five miles north of the Great Smoky Mountains National Park (most visited National Park in the country), Pigeon Forge is primarily a tourist destination. The city's attractions include Dollywood, numerous outlet malls, and music theaters. It is also next to the tourist town of Gatlinburg, TN.

If interested, I would be the buyer's agent, I do not represent the seller.