Nashville-based Trust Development is targeting a groundbreaking by mid-month on a boutique residential infill project for Buena Vista.
The two cottages, each with two residences, will have addresses of 1514 and 1516 Arthur Ave., according to Jim Creason, Trust Development president.
A few months ago, Trust closed on obtaining an approximately $1.2 million construction loan related to the project.
“Given the interest we’ve seen in the area with the recent opening of First Tennessee Park, we feel very confident that the prices for these four homes will exceed $400,000 per residence,” Creason said.
The looming start of the project will follow Trust’s record-breaking sales in the historic North Nashville neighborhood. Earlier this week, a Buena Vista home Trust developed sold for $419,925. Relatedly, Trust developed a home that sold for $414,865 in mid-June. At the time, that sale was a record.
A Buena Vista home has sold for $419,925, a record for the historic North Nashville residential district located west of Germantown.
The seller was Trust Development, which completed the construction of the home earlier this year. Of note, Trust Development developed a home that sold for $414,865 in mid-June (read more here).
The two residences are part of one building (pictured here).
Karen Roach and Jeremy Pickens, managing broker and affiliate broker, respectively, with Nashville-based The Wilson Group (a PARKS division) represented Trust.
Jim Creason, Trust president, declined to identify the buyer. The transaction had not been recorded by the Davidson County Register of Deeds as of press time.
Creason said the $419,925 is a record for Buena Vista, according to MLS documentation. And he believes the per-foot price of $245 (the home spans about 1,700 square feet) also is a record for the neighborhood. The home's address is 1038A Scovel St. Earlier, as noted, the 1038B unit sold.
Trust Development has focused its homebuilding in North Nashville. To date, and in addition to Buena Vista, Creason has built homes in Germantown and Salemtown.
Trust Development recently set a record for a home sale price in Germantown with the $1.08 million sale of a Luxus Germantown home. That record was recently broken with the $1.125 million sale of a Werthan Lofts unit.
Buena Vista is located north of Jefferson Street, east and south of the inner-interstate loop and west of Rosa Parks Boulevard. First Tennessee Park is located a few blocks southeast of Buena Vista.
Nashville-based Trust Development has closed on obtaining an approximately $1.2 million construction loan relating to homes to be built in Buena Vista in North Nashville.
The loan is noteworthy because if the homes, hypothetically, were on the market today, they would be priced at more than $400,000 each.
To date, most newly constructed homes in Buena Vista have sold for no more than the mid-$300,000s. No more than 10 years ago, many existing homes within the residential district located across Rosa Parks Boulevard from Germantown sold for less than $100,000.
The four cottages will have addresses of 1514 A and B and 1516 A and B Arthur Avenue. Jim Creason, Trust Development president, said he is targeting a groundbreaking by May’s end.
The Nashville office of Clarksville-based First Advantage Bank provided the loan, Creason (pictured) said. Managing broker Karen Roach and Jeremy Pickens of The Wilson Group (an affiliate of PARKS) will handle marketing and sales, he added.
“Given the interest we’ve seen in the area with the recent opening of First Tennessee Park, we feel very confident that the prices for these four homes will exceed $400,000 per resident,” Creason said.
Nashville-based Trust Development has enlisted the local office of Colliers International to market and lease the space of its commercial building planned for Germantown.
Jim Creason, Trust president, said Colliers broker Austin Benedict will oversee the effort. Creason hopes to have a tenant(s) and then break ground on the three-level building (one below-grade floor and the other two above) in 2015. (Read more here.)
Creason is calling the proposed building, which will designed by rootARCH, The Livery at 5th & Monroe. Creason is open to have between one to three businesses in the building, with the emphasis on restaurants and other service-oriented entities. The structure will be located on an empty lot at the southwest corner of the intersection of Fifth Avenue and Monroe Street (see here in an image courtesy of Google Maps).
Benedict, who is handling marketing and leasing for the retail space within downtown tower Encore in SoBro, said Germantown is primed for more commercial buildings.
“We envision the two floors above grade to be occupied by the same operator, who will also benefit from the rooftop terrace and extensive outdoor dining space on the first-level sidewalk,” Benedict said.
Relatedly, Trust is already selling units at its Luxus Germantown (see here in an image courtesy of Google Maps) development located on the southeast corner of the Fifth and Monroe intersection. Also, the company is targeting a groundbreaking by year’s end for its 10-unit Gramercy, to be located at the northeast corner of Seventh Avenue and Monroe Street.
Jim Creason — the North Nashville-based developer who has made his mark with tasteful residential infill projects in Germantown and Salemtown — will soon embark on his first Buena Vista project.
In addition to this being Creason’s initial foray into the historic residential district (which sits on the west side of Rosa Parks Boulevard across from Germantown and Salemtown), the boutique developer will price the two homes in the mid- to upper-$300,000 range, likely a first for Buena Vista.
The two brownstones will be located at 1038 Scovel St., with Creason to undertake the effort via his Trust Development. The developer is hoping to break ground by end of the month.
“Of all the property I’ve bought, it has the most intriguing skyline view,” said Creason (pictured), who has owned the site since 2005.
“Even though it’s a small project, I’m excited because it’s an indication that I feel good about the balance of the North Capitol District to become fully vibrant,” he added.
Creason still go before the Metro Development and Housing Agency on Thursday, March 18, to ask for approval from the MDHA Design Review Committee.
For the effort, Creason is using Michael G. McClellan (vice president of Bancorp South) for financing, Karen Roach and Jeremy Pickens (Avenue Real Estate) for sales and marketing, Preston Quirk (Quirk Designs) for architecture, Bronson Lankford (Lankford Decorating & Construction, Inc.) as general contractor and Derek Lisle (Place Development Company) as project manager.
Creason said the two homes will look like those found at his Fifth & Garfield project, which was recently completed in Salemtown. Trust’s four-home The Clayton is also located in Germantown.
Trust Development currently is undertaking Luxus Germantown and hopes to break ground in mid-year on Gramercy (read more here), also to be located in Germantown.
The North Capitol District moniker is sometimes used to described the area that comprises Nashville’s near north neighborhoods, which include the aforementioned Buena Vista, Germantown and Salemtown, as well as Hope Gardens and Sulphur Dell (also called the Market District).
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