Gulch site sells; small-scale development looms

Project expected to include retail, residential spaces

A key piece of SoBro property has changed ownership hands for $1.2 million, with the buyer hoping to develop the empty parcel sitting catty-corner from Terrazzo.

1000 Division Street LLC acquired Friday from Michael G. Lindseth Jr. the .31-acre Gulch site, the address for which is part of the buying entity's name. Linsdeth is a senior vice president at Pinnacle Financial Partners.

The LLC members have created Mainland Urban Development to undertake a smallish building of likely no more than five floors. The parcel is sandwiched by Icon on the west and the building home to Yazoo Brewing Co. on the east.

“Conceptually what we’re trying to do will be on a much smaller scale than most developments done to date in the Gulch,” said Jim Cheney, a spokesperson for the development group. “We think this will emphasize privacy and quality.”

The project (read more here) is expected to included retail and residential space.