Part of the last remaining undeveloped property on the Music Row Roundabout sold this week for $6.75 million.
Demonbreun-FCA — a subsidiary of Charlotte, N.C.'s Faison Enterprises — bought 1.5 acres at 1515 Demonbreun St. from The Lionstone Group, which once planned a $75 million office development for the property.
The land that changed hands (shown here in a Google Maps image) stretches from the Comfort Inn halfway up the hill to the roundabout. LionStone still owns another 1.5 acres on the roundabout itself. Franklin's Bristol Development Group had long eyed that part of the site for a 240-unit apartment project, anchored by a ground-floor retail tenant, to accompany Lionstone's office tower.
Faison has a history of developing mixed-use properties with a mix of residential, retail and office uses. Among their more recent projects is the Avenue Murfreesboro shopping center.
Houston-based Lionstone had ambitious plans for the three acres as part of its broader strategy along Demonbreun. It still owns several tracts in the area, including those occupied by a popular strip of bars and restaurants, but 1515 Demonbreun never materialized.
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