MarketStreet Enterprises announced Thursday afternoon it has officially broken ground on Pine Street Flats, a 296-unit apartment building to be located in The Gulch and sandwiched by Icon and Velocity.
Speaking before a receptive throng in the Sky Box of Gulch cosmopolitan night spot Sambuca — and unveiling an updated rendering — MarketStreet managing director Jay Turner said simply, “This is a big deal for our team.”
The Pine Street Flats team includes Davis Architects (design), Wells Fargo (financing) and Cambridge | Winter (general contractor). Metro Development and Housing Agency appointed MarketStreet as the master developer of The Gulch.
MarketStreet, secured approximately $32 million in financing earlier this week, projects a spring 2013 completion date.
Mayor Karl Dean told attendees that any company willing to develop during the current economic malaise is to be commended.
“It takes a lot of courage to put a shovel in the ground today,” Dean said. “This is a vote of confidence in The Gulch and in Nashville.
Pine Street Flats will include ground-level retail and is slated for U.S. Green Building Council LEED certification.