A Nashville-based company currently overseeing the development of Note 16 in Music Row and working with a partner on Eleven North in the North Gulch now has plans for the Melrose area.

As first reported in the Nashville Business Journal Wednesday, Stonehenge Real Estate Group wants to build a four-story, 266-unit apartment building at 2300 Franklin Road. The 2.85-acre site, located on the east side of the street, was once home to a car dealership.

Todd Jackovich, Stonehenge principal, said the property is under contract, with a closing date planned within the next two months. He declined to disclose a purchase price for the site or the name of the building but said the estimated overall price tag of the project is $33 million. The seller of the property is Horsepower Joint Venture.

The architect is Poole & Poole Architecture, which is based Richmond, Va., and designed Eleven North (on which Stonehenge has worked with TriBridge Residential LLC).

Jackovich said on-site demolition will begin immediately after closing, with various units to be move-in ready by fall 2013.