Although still new to the area, one business duo is hopeful for growth in the Tennessee National private golf and waterfront community in Loudon on Watts Bar Lake.
Managing partners Jeffrey Kinney and Ken Howell, both of Middle Tennessee, acquired Tennessee National on Jan. 15 for $10 million. They will work under TN National LLC.
“We’re the third guys in,” Kinney said. “The first folks were affiliated with Greg Norman and what appealed to us is we shouldn’t have been able to buy this property, it shouldn’t have been on the market. This is a property that should have been sold a long time ago. We just had the fortunate opportunity to be in the right time at the right place. We literally, when I say stumbled across the property, I mean we drove by it and were like, ‘Let’s just go and see what these guys are doing over here.’ We had no idea it was even for sale.
“We were looking for 20 or 30 acres to maybe do a little small thing on the water. We weren’t looking to get into a big community like this again,” he added. “Our current project is about 575 units, so we were like, ‘Let’s just do something small,’ and we walked in here and found that it was for sale.”
The two acquired the development in about 90 days, which Kinney with a laugh said was the fastest closing he had ever participated in.
The 1,400-acre lake community began in 2006 along 3 1/2 miles of Watts Bar Lake, and currently has 100 homes.
“Our vision of this community is to really fulfill the original Greg Norman kind of look and feel as far as beautiful clubhouse to go with the golf course, a waterfront dining restaurant that the entire lake can have access to in the public, really bring the marina to more of an upscale offering,” Kinney said. “We’ve already purchased a fleet of boats for rent, we’ve got a rental boat business that does very well right now. We’re going to have a really interesting and neat mix of both private and public offerings.
“Where the homes are located now will always remain private,” he added. “Obviously you’ve got to buy a lot and build a home, but we’re going to have a public option in that we’ll have that waterfront dining experience. We’ll probably do two or three what I’d say pretty good-sized concerts this year on the water. Fireworks show will be great during the Fourth of July.”
Hopes are to get the public into Tennessee National and create a buzz for those looking to move, he said.
A big focus will be on the waterfront, including possible expansion and covering of the marina from 47 slips to about 300.
“We’re going to hit the ground running pretty quickly with the waterfront restaurant, the golf course clubhouse and waterfront town homes,” Kinney said. “Waterfront town homes will include things like maybe some commercial offerings. Somebody may want to open up a flower shop down there. Someone may want to do a little convenience store thing down there, wine shop kind of thing. There’s going to be some of that happening. But if you’re asking what the first things are, we’re going to start building specs, spec homes. We’re going to start putting some waterfront town homes out there with big, huge water views. It’s going to be real, real neat.
“… As far as the amenities go, we’re going to immediately start many of the amenities,” he added. “Not only the ones I’ve mentioned but you can go down the list, probably several pools in the community, a lifestyle fitness center with spa/salon services, which is really great. We love golf, but we really like the lake and we really like families and the ability for families to get together and make memories and get out on the boats.”
Although Kinney and Howell have owned the property for a matter of days, they have already made a point to speak with homeowners. Kinney said a meeting was held recently to answer questions.
“Homes are the biggest financial investment for a lot of folks,” he said. “We have a fiduciary responsibility as a developer to make sure that doesn’t get degraded in some sort of way. We’re trying our best to be able to add to, not take away. I think that letting them know that, hey, we’re here to build the community out and fulfill the vision that started 20 years ago that never really has come to fruition, I think that gave them a little bit of a hope that some of that was going to happen. … My hope is that when we’re done, we can look back on this community like all of our communities and be proud of what we did. I think that in Tennessee National we’re going to do everything we can to strive and meet those expectations.
Kinney and Howell met with city officials a couple of weeks ago to go over their plans.
The meeting left Loudon Mayor Jeff Harris excited.
“We went over their site plan and things that they’re wanting to do and it’s just going to be great for Loudon, not only for our tax base, it’s going to provide a lot more housing for individuals,” Harris said. “Plus they’re going to get more public access. It’s not just going to be a private development, it’s going to have public. It’s going to have a marina, a restaurant there that the public can patron and visit. These guys have a proven track record. We’ve looked at some of their other sites they’ve developed and they do a great job. The other places they’ve developed, they’re really awesome looking. If they do anything near that here I think everybody here will be very happy with the finished product.”
Ty Ross, Loudon city manager, agreed.
“The city of Loudon sees Tennessee National as a key driver of the city’s future growth,” Ross said in an email correspondence. “The city welcomes the investment of new ownership, most importantly the new owner’s vision of a commercial marina district.”
For more information, contact our Lake Team HERE. If you’re interested in other properties on Watts Bar Lake CLICK HERE to see all home listings.
Original article by News-Herald.
Reposted by Polly Harrison, Lakefront Living Realty, TN