Cummins Station owner Zach Liff has acquired for $8.9 million a key SoBro parking lot and is looking at the long-term prospects of developing his area property holdings.
The lot is located at 901 Demonbreun street and is accessed from 10th Avenue South. Ten D bought about two-thirds of the lots, equaling about 1.08 acres. United Methodist Publishing House was the seller.
Liff created Ten D LLC for the purchase.
"It definitely changes the game in a very positive way in looking at a future development," Liff said. "We are tying to figure that out."
Liff now has 6.5 acres that surround Cummins Station.
"This is a long-term process to develop in an area we hope will be one of the best downtown neighborhoods in the country," he said.
Liff commended UMPH officials.
"We've talked to UMPH for a long time and we finally had an opportunity to buy and appreciate that opportunity," Liff said. "They've been great neighbors and I'm sorry to see them go but I'm excited about what's coming and our new neighbors.
Bryan Echols, a Dickinson Wright attorney, represented Ten D in the deal.
“It secures future parking for the Cummins Station building," he said. “The lot provides an important resource for the tenants and flexibility for the future.”
The parking lot site is part of a 6.3 acres UMPH owns. As first reported by The Tennessean, Florida-based Turnberry Associates has a contract to buy 3.7 acres of the site and plans a $300 million mixed-use project including a hotel and condominiums.