Steve Smith is managing director of Charlotte-based Faison. The company is developing the seven-story 1505 Demonbreun apartment building (read about here) near the Music Row Roundabout and within an area that is undergoing dramatic change. Post Managing Editor William Williams recently caught up with Smith (pictured) for a few questions.
Your 1505 Demonbreun building (see image below) is taking shape nicely. At what point will it be topped and fully framed?
The two-story concrete structure will be complete in late November and the wood framing will begin in early October. The project should be framed out in March 2014 with the leasing offices open in April 2014.
When will you start marketing it for pre-leasing purposes?
The first floor took quite some time to complete. Is the construction basically on schedule?
Yes, we are on schedule. The construction of the concrete parking structure has been very complex and time consuming.
There is much happening in the immediate area. Various new eateries are going into the Demonbreun commercial strip that Elmington Capital recently acquired, the Comfort Inn has received a facelift and now Childress Klein Properties is proposing a 16-story mixed-use tower. And, of course, Ray Hensler is building his luxury apartment tower across the interstate. What is your general thought on all the changes?
We are very excited about the redevelopment anticipated in the West End/Music Row area. There is a growing sense of vibrancy and destination that reinforce this area’s allure to the apartment rental market and other commercial development.
I can anticipate your building and the proposed Childress Klein building (read about here) — assuming it materializes — enjoying a nice synergy. Your take?
Absolutely. The high quality associated with both projects will create an alluring sense of place that will revitalize the redevelopment of this area. Synergies between the various land uses will make this area a prime destination for additional residential, retail, and commercial projects.
Given all the positive changes along Demonbreun, the Faison building could be quite valuable upon its completion. Could the company sell it fairly soon after completion?
We don’t have any plans at this time to sell the building upon completion.
Is Faison eyeing additional Nashville sites?
Yes, we are always looking for development sites in Nashville and the surrounding areas. We are very impressed with the local economy, job growth, education levels and the willingness of the public and private sectors to work together in the greater Nashville area.
A national construction-themed website is reporting a hotel could be planned for the Demonbreun Street site home to, among others, Dan McGuinness, Tamarind and Tin Roof.
Build Central, a component of online service Construction Wire, lists Elmington Capital as the developer and notes that apartments and/or a hotel could be part of a project mix on the site, which the Nashville Business Journal previously reported is under contract for $17.6 million and will soon be bought by Elmington Capital Group.
The buildcentral.com information reads as follows: “As of 6/11/13, this site has a new owner, Elmington Capital Group, which may sell part of the site to hotel and residential developers.”
Ben Brewer, Elmington Capital senior vice president of operations, declined to confirm if the strip center is the Demonbreun Street site the company plans to purchase. He confirmed Elmington has some Demonbreun property under contract but added a closing has not been finalized. Brewer also said no hotel is planned.
“We’re buying this as an investment,” he said. “We currently have no plans for redevelopment.”
Brewer declined to comment further.
A permit has been issued for the removal of trees in the 1600 block of Demonbreun Street, allowing Charlotte, N.C.-based Faison & Associates to continue progress on its efforts to develop a seven-story apartment building on the site.
Franklin-based Civil Constructors Inc. is handling the tree removal project, a price tag for which is not included (oddly enough) on the Metro Codes Department document.
For more on the development, read here.