Nashville-based developer Jim Creason announced today the development of Gramercy, an approximately $5 million neo-traditional row home project for which ground is slated to be broken this summer in Germantown.
The building, the units in which will be for-purchase, will be located at the northeast corner of the Seventh Avenue and Monroe Street intersection and within the Germantown Historic Overlay District.
Creason, president of Trust Development, LLC, said the exterior of the 10-unit Gramercy will offer a “contemporary interpretation of Flemish architecture inspired by European developments in both Germany and Amsterdam.”
“Signature elements to my developments that will be included in Gramercy are rooftop terraces and appointments such as wrought iron and gas lamps,” said Creason, who currently is undertaking Luxus Germantown two blocks east of the Gramercy site and is finishing Fifth & Garfield Row Homes a few blocks north in Salemtown. “We are ecstatic with the overwhelming early feedback to our concept and have over 20 prospective buyers on a reservation waiting list.
Creason has enlisted Nashville-based Root Architecture (stylized as rootARCH) to design Gramercy.
“John Root continues to work with me on unique design concepts that are sensitive to and respectful of the areas we are developing,” he added.
The Metro Historical Commission will need to approve the exterior design, with Creason to go before the commission on Wednesday, Feb. 19.
Root said the Gramercy exterior will be highlighted mainly by brick with some stucco accents.
“The challenge here was to take historic forms and reinterpret them in a modern way that seamlessly integrate the building into historic Germantown,” Root said. “We think this will be very complementary to the neighborhood.”
Creason said his project management team, led by Derek Lisle, is working with neighbors “to ensure that comments and feedback are given due consideration in the design of Gramercy.”
Creason said financing for the project is expected to be through First Advantage Bank with Melinda Bailey as the point person. Nashville-based Lankford Decorating & Construction, Inc., led by Bronson Lankford, will serve as the general contractor.
Nashville-based real estate agents Grant Hammond and Brian Merrill, both of Metropolitan Brokers, will oversee the sales and marketing aspects of the project.
“There is no doubt whatsoever that Germantown is in the middle of becoming one of the most desirable and most expensive neighborhoods in Nashville,” Hammond said. “It has already achieved a density and walkability that few thought possible just a few short years ago. With three new 200-plus-unit apartment developments breaking ground in 2014 along with the new Sounds baseball stadium project, the sky appears to be the new limit for Germantown and the Capitol District.”
Creason’s first development in the area, The Clayton on Sixth Ave North, earned a preservation award for infill projects by the Metro Historical Commission.
“There is so much activity and momentum in the Germantown Historic District and Capitol District overall, and we are excited to be a part of the transformation taking place in the area,” he said.