GATLINBURG — A mixed-use project centered around hospitality is coming to a recently purchased section of property on the Parkway in Gatlinburg near the Spur.
The $7.7 million property, known as the Gateway Gatlinburg development site, sold from Community Trust Bank to Shambhu Inc. in December. The 5.6-acre property is located on the right as drivers enter Gatlinburg traveling from Pigeon Forge.
“It was such a pleasure to work with the seller, Community Trust Bank, on this transaction,” said Trey Miller, senior adviser at NAI Koella RM Moore.
“This is an important piece of real estate in the City of Gatlinburg, and I’m excited to see the redevelopment of the site reach its full potential.”
The site has approximately 1,155 feet of Parkway frontage, in addition to red-light access at the intersection of Parkway and Dudley Creek.
The rear of the property has 1,050 feet of frontage on the West Prong of the Little Pigeon River, which Miller said lends a great atmosphere for a wide variety of development options.