Nashville-based developer Regent Homes is considering opening the 184 units in the buildings of its under-construction Lenox Village III as condominiums.
If the project’s 10 buildings, which will open in stages with the first residents slated for a June move-in, end up offering condos, the 184 units might represent the single-greatest number of for-purchase residences to come on line in one development in Davidson County in 2014.
In contrast, 98 existing rental units at Germantown’s Werthan Lofts will begin to convert to condominiums early this year (read more here).
David McGowan, Regent president, said two buildings that are part of Lenox Village III (with Lenox Village Lifestyle III serving as the ownership entity of the project) have been framed and the third is undergoing foundation work.
“We’re permitting and designing these as condos because we believe the market will come back for condos in this area,” McGowan said. “But we have financed the projects as apartment construction.”
Regent used Memphis-based Magna Bank to provide financing. Smith Gee Studio, which is headquartered locally, is the architect, with Regent Homes also serving as the general contractor.
“We will bring this on in phases,” McGowan said of the development, noting the plan is to introduce 20 to 30 units at a time. Seventy percent of the 184 units will be one-bedroom or one-bedroom with a flex room, while 30 percent will be two-bedroom residences. The units will be stacked flats.
Lenox Village III will be a component of the Lenox Village lifestyle center, which includes offices, retail/restaurant space and a fitness center. The traditioinal neighborhood development Lenox Village is located in South Davidson County.
McGowan said Regent Homes will add a “reef pool” to the lifestyle center. The pool will include a large fountain in its center and an adjoining clubhouse next to it. Nashville-based Waterscapes is designing it.
The 184 units of Lenox Village III, the 10 buildings will front both Nolensville Road and Bienville Drive, will take the entire Lenox Village development to 1,450 residential units, with a combination of condominiums, apartments and freestanding homes.