12South development locks up more land

Freeman-owned property trades for nearly $1M

The joint venture between H.G. Hill Realty and Southeast Venture that is developing a new mixed-use project in 12South has locked up two more tracts.

David Freeman's Pioneer Properties this week sold 0.4 acres — formerly the home of Rumours and Blackbird Tattoo — for $998,500.

As part of the sale, a lease termination agreement was signed on Jan. 2, 2012, by Pioneer Properties, Hill Southeast, LLC — the joint venture between H.G. Hill and Southeast Venture — and Rumours.
 
This agreement provided for a termination of the Rumours lease and the Blackbird sublease effective Feb. 28, 2012. Blackbird subleased their space from Rumors and their lease was set to expire Feb. 28, 2012, regardless of the sale of the property.

The additional land immediately north of the original 0.8-acre site at 2310 12th Ave. S. will give the project a total of 1.2 acres. The building will be a mixed-use development comprising 90 luxury rental apartments and 9,800 square feet of ground-floor retail. The apartments will consist of primarily one-bedroom units.

As planned, the project includes a 98-space, below-grade parking garage for residents and 48 surface spaces for retail patrons.

“Work on the project is expected to start in mid April, with completion set for the summer of 2013,” said Wood Caldwell, principal at Southeast Venture. “We look forward to working with H.G. Hill Realty on the development of this property, and hope to create a building for the residents of the 12 South neighborhood that’s unique and true to the area.”