Barge owner says Chattanooga riverfront land worth $20 million - WRCBtv.com | Chattanooga News, Weather & Sports

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Barge owner says Chattanooga riverfront land worth $20 million

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A former restaurant barge was purchased by Allen Casey and docked at his property on the north shore of the Tennessee River for several years. Casey testified Monday at a bankruptcy hearing. Photo by John Rawlston/Times Free Press A former restaurant barge was purchased by Allen Casey and docked at his property on the north shore of the Tennessee River for several years. Casey testified Monday at a bankruptcy hearing. Photo by John Rawlston/Times Free Press
CHATTANOOGA, TN (Times Free Press) -

Chattanooga businessman Allen Casey on Monday spoke publicly for the first time in his bankruptcy cases, saying his high-profile downtown riverfront land coupled with nearby tracts was appraised six years ago at nearly $20 million.

"There's very few lots on the river," said Casey during questioning by attorneys at a creditors meeting at U.S. Bankruptcy Court in Chattanooga.

Key to major development on the site, Casey said, is working with local Realtor Fletcher Bright. He is a significant shareholder of a company, JIT, which owns nine adjacent acres that hold large propane tanks on site.

Casey attorney David Fulton said the tanks ought to be removed before Casey's land can be developed into a potential hotel and residences, which has been proposed in the past.

Read more from our news partners at the Chattanooga Times Free Press.

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