An investment fund announced Wednesday it has purchased, through a joint venture, 50 Music Square West, the former United Artists Tower.
Square Mile Capital plans to reopen the nine-story building, rebranded as "50MSW," next spring after an extensive rehabilitation project. The building has languished for years, with numerous lawsuits connected to its development. Square Mile began buying the condominiums within the building about a year ago, even as the lawsuits — to which it was not a party — worked their way through court.
But now, it seems, Square Mile is ready to give it new life.
"50MSW will represent a diverse choice for businesses looking for space in a thriving urban community," said Chris McCarty, president of Square Mile Capital. "With eight stories of open and flexible space offered at economically attractive prices, 50MSW allows businesses in myriad industries to invent their own floor plans — a rarity in a district where converted single-family homes are the primary office option."
The 60,000-square-foot, octagonal-shaped building is at the corner of Music Square West and South Street and was originally developed by members of The Jordanaires in 1974. Square Mile plans a modernization of its lobby with retail use, including a deli or cafe. The famed outdoor terrace will be repurposed as outdoor event space.
"I am pleased to see Square Mile Capital bring an older building back to life, especially one with a rich background in music industry history," said Mayor Karl Dean. "This development will help strengthen Music Row, the heart of one of our city’s chief industries. And the developer’s decision to reuse an existing building and incorporate environmental features strengthens Nashville by helping it become a more sustainable city."
Hastings Architecture Associates has redesigned the exterior of the building. DF Chase will serve as the general contractor and DWC Construction will lead the interior buildout. McCarty said he became aware of the building's availability through the marketing efforts of Colliers brokers Tom Davis and John Gifford as well as the encouragement of Boyle Investment's Jeff Haynes.