A Florida-based company has paid $1.5 million for two adjacent tracts in The Gulch with a very specific agreement to build a hotel on the site.
Eakin Partners sold the two properties — 1204 and 1206 Demonbreun — to SilverRock LLP. The 0.4-acre property is home to an Access Rental Car facility.
Included in the deed filed Wednesday afternoon with the Davidson County Register of Deeds is language specifically delineating future use for the land.
According to the covenant, SilverRock must develop either an "upper midscale or extended stay hotel" approved by Eakin, with Hyatt Place, aloft, Town Place Suites by Marriott, Cambria Suites by Choice, Spring Hill Suites, and Element pre-approved. The property may also be used for "general retail uses" including a "restaurant of a first class type and quality."
The tracts are across Demonbreun from the location where Eakin plans an office high-rise of up to 20 stories and 450,000 square feet.