Smithbilt Homes new construction in Waterside Cove, The Ashford with bonus floor plan. PRICE OF THE HOME INCLUDES A BOAT SLIP. Waterside Cove is a lakefront community located along the shores of Norris Lake in East Tennessee. The 45 acres that make up Waterside Cove are comprised of 50 waterfront and water view lots gently sloping into Norris Lake. Waterside Cove offers plenty of common area and green space for homeowners, their families, and friends to gather.