Music Row could be getting more office space, but for sale instead of lease.
In August, a development group expects to close on property at the gateway of Music Row across from ASCAP to build 90,000 square feet of office condominiums with 13 penthouse residential condos on top. The project has been named Number One Music Row. Construction is scheduled to start in November.
The development group involves Brian Huster, a developer from Del Mar, Calif., Jack Climer, a developer from Rogersville, Mo., and Joe Meador, who is in the music industry in Nashville. Huster had been attempting to develop a shopping center in Glenwood Springs, Colo. Climer is a single-family home builder in Missouri. Both have done developments in Orlando, South Korea and Argentina.
They apparently have the money in place for the project. Climer, who is leading the development, couldn't be reached.
If the office-condo project goes as planned, the group will retain the historic mansion that sits at the head of Music Row used for offices and a recording studio in the past. The two other houses fronting 17th Avenue South behind the mansion would be torn down for the structure. Plans call for the mansion to have a high-end restaurant on the first level and conference rooms for the office condos owners in the upper floors.
Ron Wilson, an architect in Del Mar, is designing the building. He has designed commercial buildings in California and Las Vegas.
Richard Courtney, a residential real estate broker with Fridrich & Clark, is taking off his residential hat, at least partially, to sell the office condos. The minimum size is 1,500 square feet and is being sold for $385 for the shell with build-out costing roughly $30 per square foot. The penthouse residential units will sell for $600 per square foot, well above the market for condos, higher than $500 per square foot in the Signature Tower in downtown but lower than the West End Summit's $750 per square foot.
Commercial brokers are a little skeptical about office condos in that location, especially that large of a project, but they note that the product has been selling well in other parts of the Nashville area, particularly in Cool Springs. "All they have to do is sell it once," one broker said.
The project would go near sites where developers have plans for office buildings that would lease space. There's developer Alex Palmer's West End Summit at 16th Avenue North and West End Avenue and Lionstone Group's planned office building at the Roundabout that would be within sight of Number One Music Row.