The owners of a prime East Nashville parcel they only recently purchased have decided to place the property on the market — though they are open to developing the site, too.
Located within the 500 block of Main Street and next to mixed-use building Fifth & Main, the site has sat empty for years. In August, Corner Partnership LLC (comprising Mark Bloom, Larry Papel and Ronnie Scott) and minority partner C.B. Ragland Co. and Rod Essig bought the land for $1.2 million. At the time, some locals were hopeful the buyers would develop the site themselves.
“In buying, we contemplated a long-term hold,” said Michael Hayes, Ragland president. “We are flexible on the site and are considering a couple of options. We would sell, partner, self develop or JV (joint venture). It is an investment where we expect to receive a certain return, and any of the options get us there.”
The 3.3-acre site (seen below on the right in an image courtesy of Google Maps) is located at 537 Main St. and was most recently owned by Atlanta-based DPL Ventures.