The desire to live in The Gulch has turned out to be much greater than expected.
Icon, the latest Nashville condominium project, sold out its 217 units in 48 hours last week. Now, Bristol Development and Marketstreet Equities will put up for sale the 207 units that were supposed to be rentals.
“This was the right place at the right time,” said Dan Daniels, a partner in Bristol.
Sold means sales contracts that won’t close until the building can be occupied. “It’s a hard contract with hard money down,” Daniels said.
The initial units commanded sales prices from $175,000 to $850,000, and most of the second group will be priced under $300,000.
Buyers ranged from single twenty-somethings to baby-boomer empty-nesters. “It is that diverse,” Daniels said.
Construction has started on the 22-story project at 12th Ave. S. and Division Street, across from The Gulch’s newest eateries, Sambuca and Watermark. When it is completed next year, the tower will include 25,000 square feet of street-level commercial space and an eight-level parking garage.
The developers had put together a VIP list of 1,200 names, from which they scheduled some 300 appointments. They had contracts on all of the available units before they reached the end of the appointments.
Icon’s success should mean Crosland’s Terrazzo project across Division Street should have strong success as well. Construction on the 109-unit, 14-story project is scheduled to begin sometime this spring.
Bill Barkley, president of Crosland’s Tennessee division, could not be reached for comment.