This article regarding Stein Construction auction originally reported at Chattanoogan.com
Stein Construction Going Out Of Business After 4 Generations, 105 Years; Doug Stein To Turn Attention To Black Creek
Stein Construction Company is going out of business after four generations of management by the Stein family over 105 years.
Doug Stein said he is the last of his family involved in the business, and he will turn his attention to the development of the Black Creek and Aetna Mountain property in Lookout Valley.
An auction of the Stein equipment will be held Aug. 30 conducted by Compass Auction at company headquarters at 3611 Amnicola Highway. Mr. Stein said that 6.7-acre property has already been transferred to PSL Holdings.
Mr. Stein said, “Over the last eight years, it has become harder and harder to operate in our area of the construction business.”
He noted that he and two partners earlier acquired the huge Black Creek Development off Cummings Highway and Cummings Road. He said he and his partners have now bought out a hedge fund that was involved for several years.
Mr. Stein said the group plans to develop one more small section above a recently developed area by the old Aetna Mountain Road. He said the area on the side of the mountain above that will be donated to land trusts.
Mr. Stein said work began last week on paving another section of Aetna Mountain Road. He said it will eventually be paved to the top of the mountain.
He said there are about 1,000 developable acres on top of the mountain, and he and his partners plan to be involved in its development.
Stein Construction was founded in 1912 by John A. Stein, great-grandfather of Doug Stein. He was originally from Indiana, but took a job with a construction firm here.
Gilbert Stein ran it from 1930 to 1950, building among other projects the intricate bridge on Cummings Highway at Jonas Bluff.
J. Douglass Stein took over after Gilbert Stein suffered a stroke.
Doug Stein joined the family business in 1980. He became president in 1989 after the death of J. Douglass Stein. His brother, Taylor Stein, became vice president.