Franklin-based developer Trust Development LLC is targeting a May groundbreaking for its Luxus Germantown following Wednesday’s Metro Historic Zoning Commission approval of the project.
The residential project, to be located at the southeast corner of Monroe Street and Fifth Avenue North, will offer a very traditional architectural aesthetic, according to Jim Creason, TD principal.
Creason will next go before the Metro Development and Housing Agency Design Review Committee and, then, will need approval from the Metro Public Works Department regarding stormwater issues. He said the company, if Metro approves, hopes to break ground by mid-May.
John Root of Nashville-based rootARCH is handling design work, while Grant Hammond will oversee sales and marketing.
Mere days after being placed on the market, four of eight homes at the now under construction Fifth & Garfield — among the most high-end and expensive homes yet constructed in the emerging Salemtown — are under contract.
Veteran developer and historic preservationist Jim Creason during the past three days had all marketing materials “go live” for the project, according to Grant Hammond of Metropolitan Brokers LLC. Interest has been immediate, he added.
“Three of the four owners are doing interior and roof terrace upgrades,” Hammond said. “We could not be any more pleased with our soft opening.”
Hammond said the team has a projected finish date for the end of first quarter 2013 after having originally anticipating completion in summer 2013.
Located at the northeast corner of Fifth Avenue North and Garfield Street, Fifth and Garfield homes will range in price form $299,000 to $449,000 and in size from 1,610 square feet to 2,300 square feet. The first home is framed.
Creason serves as chief operating officer at Censis Technologies Inc., a health care technology company based in Franklin.
The long-planned Fifth & Garfield project in Salemtown remains viable, with its developer having recently made a move to improve the project’s chances of being brought to fruition.
Jim Creason said Monday he has enlisted Realty Trust to assist him in reinventing the proposed residential development, which could feature high-end brownstones with rooftop terraces. The project's site near the handsome Fehr School building sits empty.
Fifth & Garfield, to be located at the northeast intersection of those two streets, would be a bold project. Seemingly, the units would be priced at the higher end of Salemtown properties (a few of which have sold for more than $500,000). Of note, Creason’s Trust Development has developed various "period homes" in Germantown and Salemtown — the company’s Clayton on Sixth won a Metro Historical Commission award — and the man is passionate about vintage architecture and infilling North Nashville neighborhoods.
Creason, who bought the property in 2007 and envisions eight units, said the team will overhaul an outdated website. He is working directly with Realty Trust’s Grant Hammond, one of the city’s experts in urban condo/townhome sales and marketing.
“We’re still exploring product types and designs,” Hammond said. “We’re not quite ready to commit [to construction].”
Creason serves as senior vice president of business development at Censis Technologies Inc., a health care technology company based in Franklin.