Officials with home builder Jones Company say they have wrapped up their acquisition of more than 150 acres on which they and peers from Drees Homes will build almost 250 houses ranging from 1,800 to 4,000 square feet. Actual construction on the Summerlyn neighborhood is expected to start later this year.
Federal Deposit Insurance Corp. regulators in late July barred Art Helf, a co-founder and former chairman and CEO of Tennessee Commerce Bancorp, and Lamar Cox, who was at times chief administrative officer, CFO and COO at the failed bank, from holding any position of authority in a financial business under the agency's purview. Helf, on the left in our photo, and Cox are the second and third former execs of Tennessee Commerce to come under regulatory fire: Earlier this year, the FDIC said it was going after former CEO Mike Sapp for alleged breaches of his fiduciary duty. The orders against Helf and Cox, which were made public late last week, came after both men waived their right to a hearing on the FDIC's charges but neither admitted to nor denied those claims.
Southern Care Inc. owner Richard Chavez has submitted plans to Franklin officials to build an assisted-living center behind the Williamson Square shopping center on Highway 96 in Franklin. The complex is planned to comprise 68 rooms as well as a row of townhomes. Michael Ackley has more at Franklin Homepage.
H.G. Hill Realty Co. has submitted the first of three plans for its Hill Center Brentwood and is targeting a September demolition at the site of the planned project.
The project's first phase will include 153,600 square feet of office space, 57,730 square feet of retail space and 20,200 square feet for restaurant space.
The preliminary plan now submitted to the Brentwood Planning Commission includes a buffer. The commission will vote on phase one on Sept. 2.
“The first [submittal] is to establish the setback on Maryland Way and to increase the buffer along the residential boundary, which was discussed in all of the community and city meetings, and is something our neighbors are in agreement with,” said Jimmy Granbery, Hill CEO. “We will also be seeking approval to add height to the existing brick walls to offer neighbors additional screening.”
Granbery said the second submittal in November will be for a mass grading and site utility plan. The final submittal will include building elevations, veneer materials and detailed engineering drawings as it relates to all roads and right-of-way improvements.
Demolition of the buildings last home to Murray Ohio and the Tennessee Baptist Convention headquarters will begin in September, with mass grading initiated in January and building construction in spring 2015, Granbery said.
Atlanta-based Tribridge Residential has bought 254-unit suburban apartment complex Estates at Brentwood for $42.2 million, as first reported by the Nashville Business Journal.
Tribridge also owns in the area Twin Oaks Apartments and Aventure at Providence.
Philadelphia-based Merion Realty Partners was the seller. Vincent Lefler, a Nashville-based broker with Jones Lang LaSalle, represented Merion, NBJ reports.
The sales price represents an average price per unit of $166,141.
Of note, Tribridge teamed with Nashville-based Stonehenge to develop Eleven North in the North Gulch. In November 2012, the two entities sold the 302-unit Eleven North to Chicago-based investment firm Mesirow Financial for $58.75 million in a deal valued at $195,000 per unit.
The new owners of the Franklin Marriott Cool Springs have brought on board Memphis-based Davidson Hotels & Resorts to manage the high-profile property and its adjacent publicly owned conference center. Crow Holdings Capital snapped up the 300-room hotel earlier this summer and plans to pump a lot of money into a comprehensive renovation of guests rooms and public spaces. The two companies have worked with each across the country for more than a decade.
In a unanimous vote, City of Brentwood Commissioners voted unanimously Monday night to approve H.G. Hill Realty Co.’s request to rezone land on which the development company envisions a mixed-use project.
The company now will submit a detailed site plan for review to the Brentwood Planning Commission by Sept. 2.
The approval will allow the Nashville-based company to pursue its development plans for Hill Center Brentwood, which will include a mix of restaurant and retail space in addition to Class A office space. The combined properties include the former Murray Ohio and the former Tennessee Baptist Convention headquarters sites from its current C-1 zoning to C-2.
In May, Hill Realty announced that accounting and business consulting firm Lattimore Black Morgan & Cain will serve as anchor office tenant, occupying approximately 65,000 square feet of a building that will sit at the high-profile southeast corner of the Franklin Road and Maryland Way intersection.
Hill Realty CEO Jimmy Granbery expressed thanks to commissioners and the community.
“While this has been a very long and arduous process, we feel the time was well spent in meeting with the community and learning more about what they want to see in this new gateway to Maryland Farms, and we are excited to begin the next phase working with the Planning Commission on the final details,” he said in a release.
Developers of the $80 million Harpeth Square mixed-use project slated for downtown Franklin are set to begin demolition work on the site within the next 30 days, according to The Tennessean.
Three empty buildings are expected to soon be razed to make way on the five-acre site for a planned 120-room hotel, shops and luxury apartments, the morning daily reports.
The Harpeth Square property is bordered by Main and Bridge streets and by First and Second avenues on the north end of downtown Franklin.
Read more here.
The Tennessee Housing Development Agency has selected the Franklin Housing Authority to receive $10.5 million in tax credits that will be the financial cornerstone of a 65-unit housing development near the Williamson County Library.
Construction is expected to start late this year and be completed about a year later. The single-family houses and townhomes will complement a senior housing building completed last year and are part of a large-scale plan to rejuvenate and grow the hundreds of housing units under the Franklin Housing Authority's umbrella.
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